Relief Therapeutics Stock Rockets 2000% This Week: Are You Holding?
Over the course of the past months, companies working on coronavirus medicines or vaccines have seen their stocks soar and it is quite natural considering the devastation caused by the pandemic. One of the companies that has been working on a medicine for COVID 19 is Relief Therapeutics (OTCPK:RLFTF) and on Thursday the company made a major announcement with regards to its product.
Yesterday, the company announced that the United States Food and Drug Administration granted Relief Therapeutics the permission to commence its Phase 2/3 of the clinical trials for its COVID 19 medicine RLF 100. It is an inhaled formulation and is meant to prevent respiratory failure in critically ill coronavirus patients.
After the announcement was made, there was palpable optimism around the Relief Therapeutics stock and as investors piled on to it, the stock jumped by as much as 280%. In light of such gains, it could be worthwhile for investors to perhaps take a closer look at Relief and its business. It is likely that the stock is going to be in the radars of investors this week and it remains to be seen if it can end the trading week on a high today.
The study is going to be led by the company’s partner in the collaboration NeuroRx and around 288 subjects are expected to be enrolled. It goes without saying that the developments are going to be watched closely by experts as well as analysts.
However, the gain made by the stock on Thursday is perhaps not the biggest development, considering the fact that it managed to garner gains to the tune of 2000% in the week so far. Due to such gains made by the company, it is important for investors to perhaps take a look at the developments that took place earlier on in the week.
At the start of the week on Monday, Relief Therapeutics along with its collaboration partner NeuroRx announced that positive outcomes in patients who had been administered with RLF 100. The announcement specified that critically ill COVID 19 patients who had been administered with RLF 100 had recovered rapidly from respiratory difficulties.
It is a major development for the company and proved to be a cause of great excitement among market participants. However, that is not all. Independent researchers who studied the effects of the medicine stated that RLF 100 was also effective in blocking the replication of COVID 19 virus in monocytes and in human lung cells.
NeuroRx Chief Executive Officer and Chairman Jonathan Javitt stated that a placebo-controlled study is also going to be conducted to see if the observations are confirmed. It has been a great week for Relief and it remains to be seen what developments take place in the coming days.
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