Nexalin Technology (NASDAQ:NXL) stock is retreating on Friday after the medical device company’s shares underwent a massive rally late yesterday.
That rally came alongside regulatory approval of one of Nexalin Technology’s neurostimulation devices. This approval comes from the Brazilian Health Regulatory Agency, which approves new drugs and medical devices in the country.
The approval covers Nexalin’s second-generation, 15 milliamp neurostimulation device. This device is part of the company’s line designed to help treat the “mental health epidemic.”
Nexalin Technology CEO Mark White said the following about this news:
“Brazil is an important market as it represents the 9th largest economy in the world with a population in excess of 215 million. Among this population, more than 35 million are afflicted with mental health disorders. Moreover, this approval is an important springboard into other markets within South America. We are rapidly advancing discussions with a key distributor in this market and look forward to providing further updates.”
Recent NXL Stock Movement
Following this news, shares of NXL stock jumped 121% on Thursday with some 8 million shares traded. Its daily average trading volume is well below that at about 684,000 shares.
NXL stock is down 29% as of Friday morning. That comes with more than 542,000 shares of the stock changing hands.
Investors will want to keep reading for more of the most recent stock market news today!
We have all of the hottest stock market stories available on Friday! A few examples include what’s happening with shares of Chijet Motor (NASDAQ:CJET) and Foxo Technologies (NYSEMKT:FOXO) stock, as well as the biggest pre-market stock movers this morning. All of this info is ready to go at the links below!
More Friday Stock Market News
- Why Is Chijet Motor (CJET) Stock Up 21% Today?
- Why Is Foxo Technologies (FOXO) Stock Up 55% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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 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.
