Pharmaceutical therapeutics firm XORTX Therapeutics Inc (NASDAQ:XRTX) has had a forgettable time in the markets over the course of the past week and that is visible in the performance of the company’s stock. During that period, the XORTX stock has suffered from a significant selloff and recorded a decline of as much as 9% as consequence.
Trading Data
On Wednesday, XRTX stock moved up 1.54% to $1.98 with more than 20k shares, compared to its average volume of 1.40 million shares. The stock has moved within a range of $0.1067 – 0.1067 after opening trade at $0.1095.
Filing of Provision Patent for Polycystic Kidney Disease
The company, which is involved in the development of therapies meant for the treatment of progressive kidney disease, announced yesterday that it had completed the filing of a provisional patent. The patent in question had been filed by the company after it had made some discoveries during the course of a study into polycystic kidney disease.
The provisional patent in question, which was filed by XORTX, is titled “Compositions and Methods for Diagnosis, Treatment of and Prevention of Kidney Disease”. The company noted that the provisional patent was filed after new evidence had surfaced with regards to unknown mechanism of injury that had been unknown previously. While it is true that the latest development is a significant one, it could not reverse the negative trend in the XORTX stock. It might be a good move to keep an eye on the stock at this point.
Technical Data
XRTX stock is trading below the 20-Day and 50-Day Moving averages of $2.15 and $2.15 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.61. The stock is down 25% in the past month.
