Trevena Inc (NASDAQ:TRVN) Stock Sees Selling Pressure: But Why?

This morning the Trevena Inc (NASDAQ:TRVN) stock has been one of the notable losers in the premarket trading period. Although there has been no fresh news with regards to the biopharmaceutical company in recent days, the stock has tanked by as much as 10%.

That company is involved in producing unique medicine for patients who suffer from disorders related to the central nervous system. Back on June 16, Trevena announced that NIDA has recommenced the task of recruiting patients for the proof of concept study of the company’s TRV 734 product. The product is a mu-opioid receptor selective agonist.

In this regard, it is also necessary to point out that at this point in time that NIDA is collaborating with Trevena in this project. As part of this collaboration, the two companies are going to evaluate TRV 734 as a potential therapy for combating opioid use disorder.

Opioid related disorders have wreaked havoc in different parts of the country in recent years and nowadays, many companies are working on ways to combat the problem. Trevena had started working on the project some time ago but the TRV 734 study had to be paused owing to the problems caused by the coronavirus pandemic. 

Market Reaction:

On Friday, TRVN stock jumped 2.62% to $1.96 with more than 22.49 million shares, compared to  its average volume of 3.33 million shares. The stock has moved within a range of  $1.9300 – 2.0000 after opening the trade at $1.94 Over the past 52-week, the stock has been trading within a range of $1.3400 – 3.6800. The stock is down 10.20% at $1.76 in the pre-market session.