- The stock price of Neurobo Pharmaceuticals Inc (NASDAQ: NRBO) increased by over 30% pre-market. These are some details you should know.
The stock price of Neurobo Pharmaceuticals Inc (NASDAQ: NRBO) increased by over 30% pre-market. There is no company-specific news that seems to be driving the stock price up.
Retail investors who are active on social media platforms like Reddit, StockTwits, Twitter, and Discord appear to be driving the stock price up. The investors on those platforms cited the low float as an opportunity for coordinating the momentum. Several other pharmaceutical companies that have a low float also saw momentum this morning also.
NeuroBo Pharmaceuticals is a clinical-stage biotechnology company that is focused on developing and commercializing multi-modal disease-modifying therapies for viral, neuropathic, and neurodegenerative diseases. And the company has a current portfolio of four drug candidates. The company’s recently acquired ANA001 candidate is a proprietary oral niclosamide formulation in development as a treatment for patients with moderate to severe COVID-19 (patients not requiring ventilators). ANA001 is currently being studied in a 60-subject Phase 2/3 clinical trial conducted at up to 20 clinical sites in the U.S.
Niclosamide is a potential oral antiviral and anti-inflammatory agent with a long history of use and a well-understood safety profile in humans. And Niclosamide has demonstrated both antiviral and immunomodulatory activity with possible downstream effects on coagulation abnormalities observed in COVID-19.
NeuroBo’s NB-01 candidate has been shown in a Phase 2 study to significantly reduce pain symptoms associated with painful diabetic neuropathy (PDN) with a superior safety profile when compared to currently available treatments. But due to the global COVID-19 crisis, a planned Phase 3 study of NB-01 was postponed. In the meantime, NeuroBo is exploring a potential orphan drug indication targeting chronic pain for NB-01. NeuroBo’s NB-02 drug candidate is focused on the treatment of Alzheimer’s disease and neurodegenerative diseases associated with the pathological dysfunction of tau proteins in the brain.
And the company’s fourth program Gemcabene was previously being developed for the treatment of dyslipidemia, a serious medical condition that increases the risk of life-threatening cardiovascular disease. Gemcabene is currently being assessed as an acute treatment for COVID-19.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.