Summary
• Silo Pharma, Inc. shares fell 5.4% in after-hours trading, closing at $0.3218 without a defined catalyst.
• The company announced a non-binding LOI with Allucent for Phase 1 clinical development of its PTSD nasal spray, SPC-15.
• Silo’s stock is down 60.4% over the past year and shows subdued trading volume, indicating waning investor interest.
SILO Pharma, Inc. (NASDAQ: SILO) saw a decline in its after-hours trading session, with shares trading at $0.3218, down 5.4% from the last close of $0.34. The stock moved without a defined catalyst, reflecting a continuation of its recent performance trends.
Recent Developments: Clinical Research Efforts
On December 30, Silo Pharma announced a non-binding Letter of Intent (LOI) with Allucent, a global clinical research organization. The agreement aims to support Phase 1 clinical development for Silo’s SPC-15, a nasal spray intended for treating PTSD and anxiety. The collaboration includes planned studies that mark a significant step for Silo as it prepares for clinical testing of this formulation.
Despite this news, the broader market reaction failed to gain momentum. Silo’s performance has been struggling, with shares down 60.4% over the past year and 53.3% for the quarter.
Market Data Snapshot
Silo’s recent trading performance indicates marked volatility. The stock’s 52-week range spans a low of $4.79 and a high declining sharply to nearly $0.34. The stock’s RSI of 36.45 suggests it may be edging near oversold territory but remains under pressure overall.
Trading volume has also been subdued, averaging 7,790 shares in the after-hours session compared to a 10-day average of 261,846 shares. This decreased activity may further hint at waning investor interest in the company’s developments amid its ongoing challenges.
SEC Filings
On December 29, the company submitted an 8-K filing, detailing aspects of its operations and governance structure. Such filings are common for companies engaged in significant corporate actions like the one with Allucent. However, no specific updates within the filing have sparked an immediate market response.
Current Report (8-k)
Annual Report (10-k)
Outlook
With the latest developments incorporated into trading, investors now face a pivotal moment in assessing Silo’s strategic direction within the biopharmaceutical sector. Continued focus on clinical developments and partnerships may dictate how shares respond in the coming sessions. Amid routine trading conditions, participants are likely to watch for potential shifts in momentum or changes to risk profiles moving forward.