Relief Therapeutics Holding AG (OTCMKTS:RLFTF) started the week off on the right note and soared by as much as 25% on Monday. However, yesterday, the stock corrected sharply and went down by 9% as investors headed for the exits. In this regard, it is important to point out that there was a positive development yesterday.
Relief reported yesterday that on Monday the parent company of NRx Pharmaceuticals Inc, its collaboration partner, sent out a press release with regards to the major effect that aviptadil had on stopping the rise of cytokines in patients suffering from severe cases of COVID 19 infection.
It is a significant development for NRx Pharmaceuticals and also for Relief Therapeutics considering the long term implications of such findings. In this context, it is also necessary for investors to note that NRx Pharmaceuticals also sent in these findings to the United States Food and Drug Administration.
These findings are a supplement to the Emergency Use Authorization that had already been filed by NRx Pharmaceuticals. The price action in the Relief stock may have been quite volatile this week but it goes without saying that the latest development is a positive for the company. It remains to be seen if the stock can make a recovery today.
Market Reaction:
On Tuesday, RLFTF stock slumped 9% at $0.2248 with more than 6.32 million shares, compared to its average volume of 4.57 million shares. The stock had moved within a range of $0.2150 – 0.2340 after opening the trade at $0.2180. Over the past 52-week, the stock has been trading within a range of $0.1820 – 0.7600.
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