Quoin Pharmaceuticals (NASDAQ:QNRX) stock has been a hot topic among traders on social media today as the shares see extreme volatility.
This resulted in shares of QNRX stock seeing a more than 200% rally yesterday as retail traders targeted it for a short squeeze. Now, though, the stock is slipping as the price starts to settle after that increase.
While the price of QNRX stock is falling today, that doesn’t mean investors have lost interest. There’s still plenty of chatter on social media about the shares. That includes claims from influencers that the short squeeze isn’t over just yet.
To go with that, investors are seeing heavy trading of QNRX stock today. As of this writing, more than 5 million shares of the stock have been traded. To put that in perspective, the company’s daily average trading volume is close to 745,000 shares.
QNRX Stock: What Is Quoin Pharmaceuticals?
Some investors might be wondering what Quoin Pharmaceuticals does amid all this extra interest. The company’s focus is on “the development and commercialization of therapeutic products for rare and orphan diseases.”
This emerging specialty pharmaceutical company currently has seven products in its pipeline. Of these, five are still in the pre-clinical stage. Additionally, QRX003 — for use in treating Netherton Syndrome — is in the clinical stage while QRX004 — for treating Epidermolysis Bullosa — is in the clinical/pre-Investigational New Drug (IND) stage of development.
QNRX stock is down 18% as of Thursday morning as well as down 40% year-to-date (YTD).
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On the date of publication, William White did not hold (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.