Why Is Dermata Therapeutics (DRMA) Stock Up 23% Today?

  • Dermata Therapeutics (DRMA) stock is on the rise without any news on Friday.
  • However, the company’s shares are seeing heavy trading volume today.
  • Investors will note it completed a public offering earlier this week.
DRMA Stock - Why Is Dermata Therapeutics (DRMA) Stock Up 23% Today?

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Dermata Therapeutics (NASDAQ:DRMA) stock is taking off on Friday despite a lack of news from the clinical-stage biotechnology company.

While there are no press releases or filings that explain why DRMA stock is up today, traders are excited for some reason. As of this writing, more than 2.5 million shares of the company’s stock had changed hands. That’s already well above its daily average trading volume of roughly 282,000 shares.

The most recent news from Dermata Therapeutics came earlier this week. That saw the company closing a $5 million public offering. As is the case with most public offerings, this dropped the company’s stock. That means today’s movement could be traders buying shares after the dip.

No matter the case, the recent volatility surrounding DRMA stock makes it a risky investment right now. There’s no guarantee it won’t give up its recent gains in normal trading hours today. Also, it could be getting pumped as its low share price of $1.68 makes it easy for traders to load and unload the stock.

What Does Dermata Therapeutics Do?

Dermata Therapeutics is a biotechnology company focused on the treatment of medical and aesthetic skin conditions. Its lead product candidate is DMT310, which is being developed as a treatment for acne, rosacea, and psoriasis.

Dermata Therapeutics was founded in 2014 and went public through an initial public offering (IPO) in August 2021. Leading the company is founder, chairman, president, and CEO Gerry Proehl.

DRMA stock is up 23.2% as of Friday morning.

Investors seeking more of the latest stock market news will want to keep reading!

InvestorPlace is home to all of the hottest stock market news traders need to know about on Friday! That includes the biggest pre-market stock movers this morning, as well as the latest on Digital World Acquisition (NASDAQ:DWAC), and more. You can read up on all that news at the links below!

More Friday 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/2023/03/why-is-dermata-therapeutics-drma-stock-up-23-today/.

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