Frequency Therapeutics, Inc. (FREQ), a clinical-stage biotechnology company, closed Friday’s regular trading session at $1.39 after plunging 8.82% during the day. In the current market session, FREQ stock has declined 2.51% and as a result, is trading at $1.36 at the time of the writing.
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Success for FREQ
The news that MIT scientists have developed a new drug to reverse the hearing loss has proved to be a catalyst behind the stock movement in the premarket. The drug candidate of Frequency Therapeutics, which is a spinout of MIT, could foment the growth of hair cells on the inner side of the year. FREQ was seeking to reverse the hearing loss process for a long time. The company is currently seeking to recruit for a 124 person trial. The preliminary results from that study would be available during the early part of 2023.
Biotech Sector in Decline
Biotech stocks have always proven to be a risky bet for investors. Even though those who remain steadfast are rewarded generously, there is a high chance that the investor could lose everything if he/she is having a bad day. Since the boost it achieved immediately after the onset of the COVID-19 pandemic, the sector has not been able to perform in the same fashion and vigour as was expected. However, it is expected that the innovation would again hit the turbo mode, making investing in the Biotech sector a worthwhile option.
Colossal Step by FREQ
A recent step taken by FREQ is being hailed by the market observers as the one which could change the monetary situation for the company. The company has announced a reduction of 30% in its workforce. The purpose of the step was to better align its workforce with its business requirements as well as focus more resources on the clinical program. The step garnered investor interest and is expected to attract more investors if the company starts achieving its said goals.
Concluding Remarks
Charts reveal that FREQ stock has faced a constant declining push during the last few months, mainly due to the lack of any substantial success it was able to achieve during the period. As for the future, the horizon looks bleak for the stock at the moment, but the situation is expected to improve soon.
