Why Is OKYO Pharma (OKYO) Stock Down 31% Today?

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OKYO Pharma (NASDAQ:OKYO) stock is taking a beating on Wednesday despite recent progress toward a clinical trial.

The latest news from OKYO Pharma is that its GMP-packaged OK-101 drug for a Phase 2 clinical trial has cleared customs in the U.S. The company intends to use this drug in its trial to treat dry eye disease (DED).

To go along with that, the company is moving forward with other preparations for the clinical trial. That includes generating randomization codes for its double-blinded, placebo-controlled trial. This has it expecting its first patient visit in Q1 2023.

Gary Jacob, Ph.D., CEO of OKYO Pharma, said the following about the news.

“Initiation of the first-in-human Phase 2 trial for OK-101 to treat DED has been a central and critical goal for the company for the past 18 months. We are excited to be very close now to moving this drug into clinical trials and believe that OK-101 can provide a new way to treat DED patients who are presently not well-served by currently approved drugs.”

OKYO Stock Movement Today

Investors aren’t reacting well to the latest update from OKYO Pharma. Even so, we aren’t seeing heavy trading with shareholders selling the stock. Instead, only about 200,000 shares have changed hands. For comparison, the company’s daily average trading volume is about 410,000 shares.

OKYO stock is down 30.9% in pre-market trading on Wednesday!

Traders seeking out more of the latest stock market news today are in luck!

We’ve got all of the most recent stock market coverage investors need for Wednesday! That includes why shares of OncoSec Medical (NASDAQ:ONCS) and Reata Pharmaceuticals (NASDAQ:RETA) stock are rising, as well as the biggest pre-market stock movers this morning. You can read up on all of that at the following links!

More Wednesday Stock Market News

• Why is OncoSec Medical (ONCS) Stock Up 91% Today?
• Why Is Reata Pharmaceuticals (RETA) Stock Up 175% Today?
• Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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