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NeuroBo Pharmaceuticals Inc (NASDAQ:NRBO) stock Pulls Back From The Recent Fall

Pete Matthews , , , ,

While many biotechnology stocks have managed to record significant gains in recent times, it was not a particularly great time for the NeuroBo Pharmaceuticals Inc (NASDAQ:NRBO) stock on Wednesday. There was no specific news about the company yesterday but the NeuroBo suffered from a heavy selloff nonetheless and went down by as much as 15%.

However, it could now be a good move to consider taking a look at an announcement from the company last week. Back on July 12, NeuroBo made an announcement with regards to the results of some of the elections that had taken place at its July 9, 2021 Annual Meeting of Shareholders.

At the meeting, Andrew I. Koven and Hyung Heon Kim were both elected to the board of directors of NeuroBo. That being said, it is also necessary to note that incumbents Jeong Gyun Oh and Akash Bakshi did not actually run for re-election.

At the end of the Annual Meeting of Shareholders, the number of people on the NeuroBo board of directors stood at 7, out of which 6 were independent directors. It is still not clear whether the events at the Annual Meeting of Shareholders were the reasons behind the fall in the NeuroBo share price yesterday. Investors might consider keeping an eye on the stock today.

Market Reaction:

On Wednesday, NRBO stock slumped 15% at $3.38 with more than 6.01 million shares, compared to its average volume of 2.36 million shares. The stock has moved within a range of $3.1500 – 3.4800 after opening the trade at $3.35. Over the past 52-week, the stock has been trading within a range of $2.7000 – 7.8800.

Pete Matthews

Pete attended the University of Colorado and still calls the centennial state home. He chases trout in the summer and snowboards in the winter. He is fascinated with the markets and has a strong interest in nanocap stocks and crypto currency.