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What Is Going on With Silo Pharma (SILO) Stock Today?

  • Silo Pharma (SILO) stock is slipping even after releasing positive data today.
  • That includes pre-clinical results from an Alzheimer’s disease study.
  • It is possible shares are simply pulling back from a recent rally.
SILO Stock - What Is Going on With Silo Pharma (SILO) Stock Today?

Source: pathdoc / Shutterstock.com

Silo Pharma (NASDAQ:SILO) stock is falling on Thursday despite the company releasing positive data from a pre-clinical study.

This data covers the use of SPC-14 as a therapeutic treatment for Alzheimer’s disease. SPC-14 is a novel drug in development that combines an already approved therapeutic with ketamine.

The big news from the pre-clinical study is the effect SPC-14 had on mice with Alzheimer’s disease. Chronic dosing showed an increased memory in mice without any negative weight effects.

Eric Weisblum, CEO of Silo Pharma, said the following about the news:

The result from these studies is a first step in the development of SPC-14 as a potential therapeutic for the treatment of Alzheimer’s. With safety data already available from the approved therapeutic in the compound, we believe SPC-14 should be eligible for development under the FDA’s 505(b)(2) regulatory pathway.

Why Is SILO Stock Down Today?

It’s possible that the drop in price for Silo Pharma stock today has to do with a recent rally. The company’s shares gained alongside other psychedelic stocks following a tweet from Senator Cory Booker.

In that tweet, Booker continued to show support for legislation in favor of psychedelic drugs. That started a multiday rally for some stocks in the sector. It’s possible that SILO is simply coming off that high even with its latest study news.

SILO stock is down 8% Thursday afternoon as some 1.8 million shares change hands. The company’s daily average trading volume is only a portion of that at about 62,000 shares.

Investors looking for more of the latest stock market news today are in luck!

InvestorPlace is home to all of the biggest stock market stories for Thursday! A few examples of that include what’s going on with shares of Prime Medicine (NASDAQ:PRME), American Rebel (NASDAQ:AREB), and Nio (NYSE:NIO) stock today. You can catch up on all of that news at the following links!

More Thursday Stock Market News

On the date of publication, William White 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/2022/10/what-is-going-on-with-silo-pharma-silo-stock-today-oct-20/.

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