Nexgens Pharmaceuticals stock surged last week, hitting a record high after the company posted record revenue, a major milestone for the company.
Nexgal’s stock jumped to $7.40 after the news, up more than 80% from the opening price of $5.60 on Monday.
The company’s stock has grown by more than a third since the end of September, when the company’s revenue fell below the expectations of analysts.
Nexgen shares fell to $5 in trading on Tuesday after hitting a five-year high, after the Nasdaq composite dropped by 7.4%.
The stock is currently trading at about $6.25 per share.
Inovios Pharmaceuticals (INOV), which has been a big beneficiary of the opioid epidemic, reported a loss of $4.7 million for the three months ended in June.
The stock also recorded a $4 million loss for the quarter ended June 30, according to the company website.
In addition, the company reported a $1.4 million decrease in revenue for the full year.
In other words, Nexgel’s share price dropped by more $100 million.