It was a harrowing midweek for investors in PharmaTher Holdings Ltd (OTCMKTS:PHRRF) as the company’s stocks suffered from an almighty selloff and ended the day with a decline of as much as 37%.
Trading Data
On Wednesday, PHRRF stock slumped 37% to $0.1261 with more than 4.69 million shares, compared to its average volume of 404K shares. The stock moved within a range of $0.1256 – 0.2177 after opening trade at $0.21.
PharmaTher Announces Positive Topline Results from Clinical Study of Ketamine for Parkinson’s Disease
Considering the magnitude of the selloff in the stock, it could be a good time to figure out if the stock is going to continue to tank or if there could be a recovery. As it happens, the company was in the news yesterday after it announced positive top line findings from tolerability and dose finding clinical study for ketamine.
In the particular study, the company was looking into the use of ketamine for treating dyskinesia, which is induced by levodopa in patients who suffer from Parkinson’s disease. The company further noted that the results from the study were adequate enough and that it could not start looking into the prospect of getting into the Phase 3 clinical study for the same.
While it is true that the development was a significant one for PharmaTher, it did not lead to any kind of positivity at all among investors and instead led to a selloff. It could be interesting to see if the stock recovers today.
Key Quote
Dr. Scott Sherman, MD, PhD, Principal Investigator of the Study, commented: “The results of this clinical study further support that ketamine is well-tolerated even in an older population of patients with advanced Parkinson’s disease. This opens the door to a fast-track development of a novel non-surgical treatment for levodopa-induced dyskinesia that will fill a major gap in the existing therapeutic arsenal.”
Technical Data
PHRRF stock is below the 20-Day and 50-Day Moving averages of $0.19 and $0.21 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.45.
