PainReform Ltd (NASDAQ:PRFX) stock is All Set To Gap-Up: Time to Sell?
Anyone who is looking into premarket action today might have come across the gains made by the PainReform Ltd (NASDAQ:PRFX) stock. The stock has managed to deliver gains of as much as 50% in premarket trading so far but there has been no news about the company that could have triggered this jump.
That being said, it appears that retail investors who are active on social media platforms like Reddit have been drawn to the PainReform stock owing to its low float. It is believed that a stock with low float can be the ideal for creating momentum and that seems to be the reason behind the strong rally that is being seen in the stock at this point.
In addition to that, there might be a fair degree of speculation about PainReform at play here as well. Investors believe that PainReform is not too far away from making an announcement with regards to the Phase 3 clinical trials of its product PRF 110. It is the company’s lead candidate and is meant for post operative pain relief, which is a significantly large market at this point in time. Investors could consider keeping the PainReform stock in their watch lists today.
Market Reaction:
On Wednesday, PRFX stock fell 0.32% at $3.14 with more than 8.31 million shares, compared to its average volume of 263k shares. The stock has moved within a range of $2.7200 – 4.6400 after opening the trade at $4.01. Over the past 52-week, the stock has been trading within a range of $2.1800 – 7.8500.
