Why PainReform Ltd. (PRFX) stock went up and later declined in the after-hours on Friday?

PainReform Ltd. (PRFX) shares declined 6.99% in after-hours on Friday, November 19, 2021, and closed the trading at $2.13. However, in the regular trading of Friday, PRFX’s stock gained 13.93%. PRFX shares have fallen 45.22% over the last 12 months, and they have moved down 7.66% in the past week. Over the past three months, the stock has lost 12.26%, while over the past six months, it has declined 10.20%.

Let’s have a brief discussion about its recent news and developments.

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PRFX latest news

On November 16, 2021, PainReform Ltd. (PRFX) provided a business update and financial results for the third quarter ended September 30, 2021.

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9 months financial highlights

  • Research and development expenses were $2.3 million for the nine months ended September 30, 2021, compared to $92,000 for the nine months ended September 30, 2020.
  • General and administrative expenses were $3.2 million for the nine months ended September 30, 2021, compared to $888,000 for the nine months ended September 30, 2020.
  • PRFX suffered a net loss of $5.5 million for the nine months ended September 30, 2021, compared to a net loss of $3.1 million for the nine months ended September 30, 2020.
  • As of September 30, 2021, the Company had cash and cash equivalents of $18.4 million.

PRFX participation in the recent conference

PainReform Ltd. (PRFX) recently participated at the Dawson James Securities Small Cap Growth Conference which was held on October 21, 2021. The company was presented by Ilan Hadar, Chief Executive Officer of PainReform, during the event.

PRFX Q2 2021 financial results

On August 16, 2021, PainReform Ltd. (PRFX) announced its financial results for the second quarter ended June 30, 2021.

Financial highlights for the First half of 2021

  • Research and development expenses were $1.7 million for the six months ended June 30, 2021, compared to $65,000 for the six months ended June 30, 2020.
  • General and administrative expenses were $2.0 million for the six months ended June 30, 2021, compared to $215,000 for the six months ended June 30, 2020.
  • PRFX suffered a net loss of $3.7 million for the six months ended June 30, 2021, compared to a net loss of $2.0 million for the six months ended June 30, 2020.
  • As of June 30, 2021, the Company had cash and cash equivalents of $17.8 million.

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Conclusion

Well, as of this writing, there is no reason for its early gains and later declined in the after-hours session on Friday. Let’s see how it commence trading after the weekend.

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