Quoin Pharmaceuticals Ltd. [NASDAQ: QNRX] price plunged by -7.50 percent to reach at -$0.05. The company report on June 6, 2022 that Skinvisible Announces First Invisicare Delivery Technology Product to Receive U.S. FDA Acceptance of Investigational New Drug.
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Skinvisible, Inc. (“Skinvisible”) (OTCQB:SKVI), is pleased to announce that its licensee Quoin Pharmaceuticals, Inc. (“Quoin”) (NASDAQ:QNRX), has received U.S. FDA acceptance of its Investigational New Drug (IND) application for its licensed formulation which uses Skinvisible’s Invisicare® proprietary drug delivery technology. The topical formulation “QRX003” was developed to treat Nethertons Syndrome, a debilitating hereditary disorder that affects the skin, hair and the immune system. There currently is no cure or approved treatment for Netherton Syndrome.
“This is the first IND approval by the FDA which includes our Invisicare technology as the delivery platform, and it further reinforces our vision of developing topical therapeutics for a number of key indications. It is an important milestone for Skinvisible and could potentially lead to other indications receiving approval,” said Terry Howlett, President and CEO, Skinvisible. “With the IND approved, the clinical trial will be underway shortly. We look forward to assisting Quoin in their success and potential FDA approval as well as potentially bringing a treatment to patients suffering from Nethertons Syndrome.”.
A sum of 32868976 shares traded at recent session while its average daily volume was at 642.60K shares. Quoin Pharmaceuticals Ltd. shares reached a high of $0.94 and dropped to a low of $0.562 until finishing in the latest session at $0.57.
The one-year QNRX stock forecast points to a potential upside of 88.39.
QNRX Stock Performance Analysis:
Quoin Pharmaceuticals Ltd. [QNRX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -10.14. With this latest performance, QNRX shares dropped by -29.66% in over the last four-week period, additionally sinking by -82.38% over the last 6 months – not to mention a drop of -95.69% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for QNRX stock in for the last two-week period is set at 30.00, with the RSI for the last a single of trading hit 26.32, and the three-weeks RSI is set at 32.44 for Quoin Pharmaceuticals Ltd. [QNRX]. The present Moving Average for the last 50 days of trading for this stock 0.9367, while it was recorded at 0.6163 for the last single week of trading, and 6.3833 for the last 200 days.
Quoin Pharmaceuticals Ltd. [QNRX] Insider Position Details
There are presently around $0 million, or 10.95% of QNRX stock, in the hands of institutional investors. The top three institutional holders of QNRX stocks are: RENAISSANCE TECHNOLOGIES LLC with ownership of 50,400, which is approximately -39.558% of the company’s market cap and around 17.47% of the total institutional ownership; VIRTU FINANCIAL LLC, holding 42,665 shares of the stock with an approximate value of $26000.0 in QNRX stocks shares; and AMERIPRISE FINANCIAL INC, currently with $14000.0 in QNRX stock with ownership of nearly New of the company’s market capitalization.
Positions in Quoin Pharmaceuticals Ltd. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 4 institutional holders increased their position in Quoin Pharmaceuticals Ltd. [NASDAQ:QNRX] by around 94,162 shares. Additionally, 6 investors decreased positions by around 160,306 shares, while 2 investors held positions by with 109,880 shares. The mentioned changes placed institutional holdings at 144,588 shares, according to the latest SEC report filing. QNRX stock had 4 new institutional investments in for a total of 94,162 shares, while 5 institutional investors sold positions of 127,320 shares during the same period.