Why Is Quoin Pharmaceuticals (QNRX) Stock Up 93% Today?


  • Quoin Pharmaceuticals (QNRX) stock is nearly doubling after the company sought permission to cancel an announcement of share sales.
  • Earlier this month, the company announced that it had violated a Nasdaq rule.
  • Two of the company’s drugs are in the early stages of clinical testing.
QNRX stock - Why Is Quoin Pharmaceuticals (QNRX) Stock Up 93% Today?

Source: Shutterstock

Quoin Pharmaceuticals (NASDAQ:QNRX) stock is soaring 93% in morning trading today. The jump comes after the drug maker disclosed that it was withdrawing share offerings that it had said it would undertake just 17 days ago.

On June 14, Quoin, in an SEC form, stated that it would “sell up to $100,000,000” of QNRX stock “from time to time.” The company noted that its share offerings could come in the form of “American Depositary Shares [ADSs] … warrants to purchase ordinary shares represented by ADSs, subscription rights, [or] debt securities.”

In a separate SEC form filed yesterday, however, Quoin asked the SEC to cancel its previous announcement. In other words, the firm disclosed that it had decided not to offer any additional shares at this time.

A Deficiency Notice Hit QNRX Stock

On June 15, Quoin disclosed that, five days earlier, it had received a “deficiency notice” from the Nasdaq exchange. The exchange issued the notice because QNRX stock had failed to maintain a bid price of at least $1, in accordance with Nasdaq’s rules. Quoin reported that it had been given “180 calendar days, or until December 7, 2022, to regain compliance” with the rule. However, the firm noted that it could receive additional time to comply.

Quoin’s Pipeline

The company concentrates on developing “treatments for rare and orphan diseases.” Two of its drugs have reached the clinical stage. QRX003 is being tested to determine if it is a viable treatment for Netherton Syndrome, while QRX004 is being evaluated to find out if it can become a treatment for Epidermolysis Bullosa.

Founded in 2018, Quoin currently has just four full-time employees, according to Yahoo Finance.

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. 

Read More: Penny Stocks — How to Profit Without Getting Scammed 

On the publication date, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/07/why-is-quoin-pharmaceuticals-qnrx-stock-up-93-today/.

©2024 InvestorPlace Media, LLC