PharmaTher Holdings Ltd (OTCMKTS:PHRRF) Stock Continues to Trend Lower: Down 14% In a Week

The PharmaTher Holdings Ltd (OTCMKTS:PHRRF) stock has been in the middle of a downward spiral in recent days and the situation remained the same on Tuesday as the selloff continued.

Trading Data

On Tuesday, PHRRF stock fell 1.84% to $0.2454 with more than 253k shares traded, compared to its average volume of 919k shares. The stock has moved within a range of $0.2411 – 0.2610 after opening trading at $0.25.

PharmaTher Announces Positive Research Results for LSD Microneedle Patch

Yesterday, the clinical stage psychedelic biotech firm saw its stock correct sharply again and end the day with a decline of 2%. That took its decline for the past week to as much as 14%. In light of such a sustained selloff, it is necessary for investors to figure out if the trend is going to continue or if the decline could actually prove to be an opportunity to get into the stock.

As it happens, the company was actually in the news on Tuesday and it may be a good idea to take a closer look at the development. The company announced that it had managed to conclude the inaugural research study into its product MicroDose-MN. The product in question is a micro needle patch and helps in the intradermal delivery of psychedelic substances.

It goes without saying that it was a major announcement from the company but it did not lead to any major optimism among investors. It remains to be seen if the PharmaTher stock can bounce back any time soon.

Technical Data

PHRRF stock is trading in the neutral zone as RSI stands at 35. The stock is trading below the 20-Day and 50-Day Moving averages of $0.30 and $0.38 respectively. The stock is down 35% in the past month.