BABA - What Is Going on With Quoin Pharmaceuticals (QNRX) Stock?
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Quoin Pharmaceuticals (NASDAQ:QNRX) stock has been a hot topic among traders on social media 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. Following that, the stock is slipping today 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 in it. 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.
And 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 closer 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.”
The emerging specialty pharmaceutical company currently has seven products in its pipeline. Of these, five are still in the pre-clinical stage. QRX003 for use in treating Netherton Syndrome is in the clinical stage. Then there’s QRX004 for Epidermolysis Bullosa. It’s in the clinical/pre-Investigational New Drug (IND) stage of development.
QNRX stock is down 17.7% as of Thursday morning and is down 40% year-to-date.
Traders looking for all of the latest stock market news will want to keep reading!
InvestorPlace has all of that ready to go in one convenient list! A few examples include a new partnership for Coinbase (NASDAQ:COIN), earnings sending MercadoLibre (NASDAQ:MELI) shares higher, as well as Alibaba (NYSE:BABA) stock getting a boost from Q2 results. You can find more details on these topics at the links below!
More Thursday Stock Market News
- COIN Stock Alert: 5 Things to Know as BlackRock Teams Up With Coinbase
- MercadoLibre (MELI) Stock Gains on Strong Results
- BABA Stock Jumps as Alibaba Beats on Earnings
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.
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