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Why Is Phio Pharma (PHIO) Stock Down 35% Today?

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  • Phio Pharma (PHIO) stock is dropping on Thursday following a recent rally.
  • The company’s shares closed out Wednesday up more than 90%.
  • That came alongside updates on preclinical studies.
PHIO Stock - Why Is Phio Pharma (PHIO) Stock Down 35% Today?

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Phio Pharma (NASDAQ:PHIO) stock is pulling back on Thursday after the immuno-oncology therapeutics company’s shares underwent a major rally yesterday.

Investors will note that the company’s stock saw a 91.2% price increase during normal trading hours on Wednesday. That came alongside heavy trading, with more than 56 million shares changing hands. For the record, its daily average trading volume is closer to 908,000 shares.

The news behind that rally was Phio Pharma reporting results from two preclinical studies. Both of these studies evaluated INTASYL compound PH-894. The studies showed the drug made melanoma cells more recognizable to immune cells while also confirming it acts as an antitumor cytotoxic agent.

PHIO Stock Movement on Thursday

Following that massive rally yesterday, it makes sense that shares of PHIO stock would give up some of those gains today. However, it doesn’t look like the company will give up all of its gains, and it isn’t seeing heavy trading just yet.

PHIO stock is down 35% as of Thursday morning. To go along with that, some 300,000 shares of the company’s stock have changed hands already today. Even so, that’s still a far way off from its daily average trading volume.

Investors seeking out even more of the most recent stock market news are going to want to keep reading!

InvestorPlace is home to all of the hottest stock market news that traders need to know about on Thursday! That includes everything happening with shares of Tempest Therapeutics (NASDAQ:TPST) stock, Secoo (NASDAQ:SECO) stock and OpGen (NASDAQ:OPGN) stock today. You can catch up on all of this news by checking out the links below!

More Stock Market News for Thursday

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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/2023/10/why-is-phio-pharma-phio-stock-down-35-today/.

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