Timber Pharmaceuticals (NYSEMKT:TMBR) surged more than 75% in trading today on the back of dramatically higher volume. While there was no particular news for TMBR stock today, the stock saw just shy of 133.4 million trades on the day, compared with an average daily trading volume of 7.8 million.
This week Timber Pharmaceuticals participated in the virtual 2021 H.C. Wainwright Global Life Sciences Conference, which may explain why investor interest in TMBR stock spiked this week.
Timber Pharmaceuticals is a dermatology company with an emphasis on orphan diseases, those diseases that only affect a very small percentage of the population. The company’s product line currently includes treatments for localized scleroderma and congenital ichthyosis, among others.
One of the company’s products recently received orphan drug designation from the Food and Drug Administration for the treatment of systemic sclerosis. That January approval came about one month after the company received a patent for its pharmaceutical isotretinoin composition.
InvestorPlace’s Faisal Humayun previously wrote about TMBR stock on Feb. 24, 2021, calling it one of seven penny stocks to buy in a “make-or-break year.” At the time, Timber Pharmaceuticals had a market capitalization of $36 million, and Humayun saw big growth potential given the addressable market: According to the company, “1.5 million people globally are impacted by congenital ichthyosis.”
Today’s explosion in trading volume isn’t a fluke anomaly either; Benzinga reported on Feb. 25, 2021, that trading volume in TMBR stock had been increasing for the preceding three months.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.