Shares of Cocrystal Pharma, Inc. (NASDAQ: COCP ) are trading lower during Monday's pre-market session. The move follows a significant surge during the previous trading day.
Nasdaq futures are up 0.43% while S&P 500 futures have gained 0.15%.
The biotechnology company experienced a 48.04% rally on Thursday. Many traders are now engaging in profit-taking. This selling pressure has pushed the stock down over 9% before the opening bell.
FDA Grants Fast Track Status
The recent volatility stems from news released Thursday. The U.S. Food and Drug Administration granted Fast Track designation to CDI-988. This is the first oral antiviral candidate for norovirus treatment and prophylaxis.
The FDA’s Fast Track program speeds up the review of drugs for serious conditions. It allows for more frequent communication with regulators. It also permits a rolling review of New Drug Applications.
COCP Technical Levels
The stock is up 19.84% over the last 12 months, which is backward-looking and shows the longer-term trend has still been positive despite sharp swings.
Within the 52-week range (86 cents to $2.67), the current price sits closer to the lower half of the band, which is consistent with a market that's still rebuilding confidence after the February low.
COCP Stock Price Activity: Cocrystal Pharma shares were down 11.24% at $1.34 during premarket trading on Monday, according to Benzinga Pro data .
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