Virpax Pharmaceuticals Inc (NASDAQ:VRPX) Stock Turns Volatile: What to Do Now?
Shares of Virpax Pharmaceuticals Inc (NASDAQ:VRPX) surged by more than 26% on 13th July. No specific SEC filings or company reports seem to be driving this rally and it can be attributed to retail investors on platforms such as Twitter, StockTwits, Reddit amongst others. However, there were a number of affirmative catalysts in last one month including studies Enveltaas well as progress update on product candidates.
In June, the firm had confirmed Investigational New Drug Application to start studies for Enveltadone under Cooperative Research and Development Agreement with the National Center for Advancing Translational Sciences for chronic pain.
Earlier in the week, the firm had issued a comprehensive progress on its product candidates. Epoladerm, which is the company’s metered-dose diclofenac spray film product candidate is being assessed on two indications, chronic osteoarthritis and acute musculoskeletal painof the knee pain.
Probudur, the injectable bupivacaine liposomal hydrogel for postoperative pain management, is being engaged by Charles River Laboratoriesfor performing seven preclinical animal studies. On the other hand, Envelta, the endogenous enkephalin intranasal spray for acute and chronic pain, especially for cancer pain already has a tie up with NCATS.
Lastly, the company’s high-density intranasal molecular masking spray, MMS019, will be harnessedas an adjuvant to barrier-based personal protective equipment.
Market Reaction:
On Tuesday, VRPX stock soared 25.50% at $5.65 with more than 16.13 million shares, compared to its average volume of 908k shares. The stock had moved within a range of $4.68 – 7.27 after opening the trade at $5.13. Over the past 52-week, the stock has been trading within a range of $3.70 – 8.49.
