Clinical stage biopharmaceutical firm Innovation Pharma (OTCMKTS:IPIX) has seen its stock take a bit of a beating over the course of the past few days and the trend continued on Monday as the stock ended the day with a decline of 7%. The decline on Monday took the total decline over the course of the past week to as much as 13%.
Market Action
On Monday, IPIX stock fell 7.27% to $0.0370 with 542K shares, compared to its average volume of 1.12 million shares. The stock moved within a range of $0.0358 – 0.0424 after opening trade at $0.0390.
Innovation Pharmaceuticals Reports Additional Findings Based on Review of Brilacidin Phase 2 COVID-19 Trial Results and Compassionate Use Cases
Although the stock tanked yesterday, it ought to be noted that yesterday the company was actually in the news after it provided a report into the findings from the data review that had been done with regards to its Phase 2 COVID-19 study into its product Brilacidin.
Although the investors did not seem too happy with the Innovation Pharma stock, the company did announce that the product did demonstrate promising effects and that is something that ought to be noted by investors.
In addition to these results, the company also announced that certain observations had also been made with regards to the possibility of deploying the product for compassionate use for COVID 19 patients. At this point in time, it is going to be interesting to see how Innovation Pharma progresses the development of the product.
Key Quote
“Based on analyses of our Phase 2 trial results, Brilacidin showed promising treatment effects in NEWS2 clinical improvement scores and among patients with the most elevated biomarker levels,” said Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals.
Traders Note
IPIX stock is trading below the 20-Day and 50-Day Moving averages of $0.0422 and $0.0458 respectively. Moreover, the stock is trading is the oversold zone with RSI stands at 38.
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