PainReform (NASDAQ:PRFX) Shares Down 11.7%

PainReform Ltd. (NASDAQ:PRFX) shares traded down 11.7% on Wednesday . The stock traded as low as $0.24 and last traded at $0.24. 488,818 shares were traded during mid-day trading, an increase of 20% from the average session volume of 408,282 shares. The stock had previously closed at $0.27.

Wall Street Analyst Weigh In

Separately, Maxim Group restated a “buy” rating and set a $2.00 target price on shares of PainReform in a research report on Wednesday, June 26th.

PainReform Stock Performance

The firm’s 50 day simple moving average is $0.41 and its 200 day simple moving average is $1.00.

Institutional Investors Weigh In On PainReform

An institutional investor recently raised its position in PainReform stock. Armistice Capital LLC boosted its stake in shares of PainReform Ltd. (NASDAQ:PRFX) by 76.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 276,000 shares of the company’s stock after purchasing an additional 120,000 shares during the quarter. Armistice Capital LLC owned about 13.60% of PainReform worth $132,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 37.28% of the company’s stock.

PainReform Company Profile

PainReform Ltd., a clinical stage specialty pharmaceutical company, focuses on the reformulation of established therapeutics and provides an extended period of post-surgical pain relief in Israel. It develops PRF-110, a viscous clear oil-based solution that is instilled directly into the surgical wound to provide localized and extended post-operative analgesia, as well as in Phase 3 clinical trial for pain treatment of patients undergoing bunionectomy and second trial for pain treatment of hernia repair operations.