PainReform (NASDAQ:PRFX) jumped 30% despite the lack of any company-specific news or release. As a result, there was heavy trading in PRFX stock, with close to 6 million stocks exchanging hands which is more than the company’s daily average volume of 263,000 shares.
The surge has little to do with the company, but considering PRFX shares trade at $3 per share, it is easier for retail traders to jump in and get away with profits. In addition, the stock has attracted retail traders on social media who cite its low float as a chance to drive up momentum.
There is also speculation that the company could release its Phase 3 clinical study results for PRF-110. PRF-110 is the company’s ropivacaine-based flagship candidate for the management of post-operative pain. The drug is an oil-based clear, viscous solution that is deposited directly to the surgical wound before closure to offer extended and localized post-operative analgesia. In addition, the extended drug release delivery system will offer extended pain relief without needing regular dose administration. So in the coming months, PRFX is a stock to watch.
Market Reaction:
On Thursday, PRFX stock soared 30% at $4.08 with more than 36.41 million shares, compared to its average volume of 397k shares. The stock had moved within a range of $3.5400 – 7.5000 after opening the trade at $4.76. Over the past 52-week, the stock has been trading within a range of $2.1800 – 7.8500.
 Stock Soars Suddenly: What’s The Buzz?){kind=link}