Sometimes even positive announcements from a company may not have the desired effect on a stock and that seems to have been the case with the Adial Pharmaceuticals Inc (NASDAQ:ADIL) stock this week.
The clinical stage biopharmaceutical firm announced earlier on this week that the United States Patent and Trademark Office issued a Notice of Allowance in relation to the usage of Adial’s genetic diagnostic panel with its lead candidate ADO4. The combination is meant for the treatment of Alcohol Use Disorder. However, that is not all. The Notice of Allowance is also in effect when the same combination is used for the treatment of Opioid Use Disorder.
It goes without saying that it is a major milestone for the company and the Chief Executive Officer of Adial, William Stilley said as much following the breakthrough. He went on to state that the company has been using the above mentioned panel for the purpose of the ONWARD Phase 3 trial. Once the patent is finally issued it is going to create an exclusive market for the Adial product ADO4 and there is hope that it might results in the generation of considerable profits for the company. Despite the decline, investors could do well to keep the Adial stock in their watch lists.
Market Reaction:
On Wednesday, ADIL stock fell by 6% to $2.94 with more than 4.36 million shares, compared to its average volume of 691K shares. The stock has moved within a range of $2.5301 – 2.9400 after opening the trade at $2.73. Over the past 52-week, the stock has been trading within a range of $1.1400 – 4.0000.
 stock Falls On Profit Booking: Time to Buy?){kind=link}