Here is why FSD Pharma Inc (HUGE) lost its positive momentum in the after-hours on Tuesday?

FSD Pharma Inc. (HUGE) shares were declined 9.88% in after-hours on Tuesday, August 24, 2021, and closed the daily trading at $1.55. However, in the regular trading session on Tuesday, HUGE’s stock gained 3.61%. HUGE shares have fallen 40.48% over the last 12 months, and they have moved up by 12.42% in the past week. Over the past three months, the stock has gained 1.78%, while over the past six months, it has lost 22.17%.

Let’s see what are the latest news about the company?

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HUGE terminated FSD-201 Phase 2 Clinical Trial

On August 24, 2021, FSD Pharma Inc (HUGE) announced its intention to terminate the Phase 2 clinical trial of ultra-micronized palmitoylethanolamide (“PEA”), or FSD-201, for use in treating COVID-19.

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HUGE Board dismissed its CEO after serious misconducts

On July 27, 2021, FSD Pharma Inc (HUGE) announced that the board of directors had terminated the employment of the Company’s Chief Executive Officer, Dr. Raza Bokhari.

The special committee of two independent directors investigated various concerns regarding Dr. Bokhari’s actions and found that Dr. Bokhari breached court orders, improper issued the company shares, and he attempted to misappropriate Company funds in breach of his employment obligations.

New appointments

On June 2, 2021, FSD Pharma Inc appointed Mr. Adnan Bashir as an independent member of its Board of Directors upon the recommendation of the Company’s Compensation, Nomination, and Governance Committee.

On May 5, 2021, HUGE appointed Nathan Coyle, the Company’s Corporate Controller as its Interim Chief Financial Officer, following the departure of Donal Carroll.

HUGE NDA application accepted by FDA

On May 10, 2021, FSD Pharma Inc. (HUGE) submitted an Investigational New Animal Drug Application (IND) for the use of FSD201 (ultramicronized palmitoylethanolamide, or ultramicronized PEA) to treat Gastrointestinal enteropathy in dogs to the U.S. Food and Drug Administration. The application has been accepted for review.

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The HUGE stock lost its positive momentum in the after-hours on Tuesday after it announced the terminations of the FSD-201 Phase 2 Clinical Trial. We hope that it will not continue its negative momentum in the next trading session.

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