NeuroBo Pharmaceuticals (NASDAQ:NRBO) Trading Down 2.8% – What’s Next?

NeuroBo Pharmaceuticals, Inc. (NASDAQ:NRBO) was down 2.8% on Monday . The stock traded as low as $1.66 and last traded at $1.76. Approximately 51,385 shares changed hands during trading, a decline of 87% from the average daily volume of 397,830 shares. The stock had previously closed at $1.81.

NeuroBo Pharmaceuticals Trading Down 2.8 %

The stock’s 50-day moving average price is $2.39 and its 200-day moving average price is $3.28.

Institutional Investors Weigh In On NeuroBo Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ferguson Wellman Capital Management Inc. bought a new stake in NeuroBo Pharmaceuticals during the third quarter worth $50,000. Armistice Capital LLC purchased a new position in NeuroBo Pharmaceuticals in the 2nd quarter valued at approximately $3,373,000. Finally, Affinity Asset Advisors LLC bought a new stake in shares of NeuroBo Pharmaceuticals during the 2nd quarter valued at $432,000. 1.37% of the stock is owned by institutional investors.

About NeuroBo Pharmaceuticals

NeuroBo Pharmaceuticals, Inc, a clinical-stage biotechnology company focuses on developing and commercializing novel pharmaceuticals to treat cardiometabolic diseases. It develops DA-1241, a novel G-Protein-Coupled Receptor 119 agonist with development optionality as a standalone and/or combination therapy that is in Phase 2a clinical trial for metabolic dysfunction-associated steatohepatitis (MASH), and has completed Phase 1 clinical trial for the treatment of type 2 diabetes mellitus (T2DM); and DA-1726, a novel oxyntomodulin analogue functioning as a GLP-1 receptor and glucagon receptor dual agonist, which is in preclinical development for the treatment of obesity.