Nexalin Technology (NASDAQ:NXL) stock is retreating on Friday after the medical device company’s shares underwent a massive rally late yesterday.
That rally came alongside regulatory approval of one of Nexalin Technology’s neurostimulation devices. This approval comes from the Brazilian Health Regulatory Agency, which approves new drugs and medical devices in the country.
The approval covers Nexalin’s second-generation, 15 milliamp neurostimulation device. This device is part of the company’s line designed to help treat the “mental health epidemic.”
Nexalin Technology CEO Mark White said the following about this news:
“Brazil is an important market as it represents the 9th largest economy in the world with a population in excess of 215 million. Among this population, more than 35 million are afflicted with mental health disorders. Moreover, this approval is an important springboard into other markets within South America. We are rapidly advancing discussions with a key distributor in this market and look forward to providing further updates.”
Recent NXL Stock Movement
Following this news, shares of NXL stock jumped 121% on Thursday with some 8 million shares traded. Its daily average trading volume is well below that at about 684,000 shares.
NXL stock is down 29% as of Friday morning. That comes with more than 542,000 shares of the stock changing hands.
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On the date of publication, William White did not hold (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.
