Home Financial Markets Penny Stocks How Did PHRRF Stock Rise Nearly 39% On Friday?

How Did PHRRF Stock Rise Nearly 39% On Friday?

Last trading session, New scope Capital Corporation (OTCQB: PHRRF) stock gained 38.82% to close at $0.2155. Trading volume for the New scope stock stood at 108.95K shares. This compares to an average volume of 104.75K shares recorded in the past 30 days.

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In the last five days, PHRRF stock has gained 18.34%, but it has lost -14.21% in the past thirty days. Price for PHRRF stock has gone down -15.12% over the last three months and jumped 19.79% over the past year. PHRRF stock surged after its intention to change its name.

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How did this happen?

New scope Capital is a life science company that invests in psychedelic pharmaceutical products such as ketamine and psilocybin. These drugs are being researched and developed by PHRRF to be approved by the FDA for treatment of neuropsychiatric and neurodegenerative disorders. PHRRF is holding company of and operates through its wholly-owned subsidiary PharmaTher Inc.

Last week, New scope announced that it has filed an amendment notice with BC Registry Services altering their name to PharmaTher Holdings Ltd.

What it meant for PHRRF?

Earlier this year New scope (PHRRF) applied for and was accepted into the OTCQB Venture Market (“OTCQB”), and it became a member of OTCQB in January 2021. PHRRF listing on the OTCQB was part of a bigger strategy of building awareness of the company with institutional investors and retailers in the U.S. Its current decision to rename will also benefit PHRRF not only in its native country, but in the United States as well.

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