Relief Therapeutics Holding SA (OTCMKTS:RLFTF) Stock Takes a Hit: Here is Why
Last Friday the Relief Therapeutics Holding SA (OTCMKTS:RLFTF) stock was in the middle of a downward spiral after a significant setback to its product aviptadil. The stock tanked by as much as 29% as investors headed for the exits following the announcement.
Market Stats
On Friday, RLFTF stock lost 29.13% at $0.0700 with more than 34.64 million shares, compared to its average volume of 5.32 million shares. The stock has moved within a range of $0.0680 – 0.0800 after opening the trade at $0.0702.
Big News
The company announced that the parent company of NRx Pharmaceuticals Inc, its American collaboration partner, issued a press release in which it revealed that emergency use authorization for the use of aviptadil for treating COVID 19 patients suffering from acute respiratory troubles had been declined by the United States Food and Drug Administration.
It goes without saying that it was a significant setback for both companies and the decline in the Relief Therapeutics stock was perhaps understandable. Relief has been on the radars of many investors over the past year or so after it started collaboration with regards to the development of aviptadil. The company is primarily involved in the development of therapies which could help with providing relief from serious diseases.
More importantly, the company generally seeks to provide from such diseases which currently have unmet needs. At this point it might be a good idea for investors to keep an eye on the latest developments.
