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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 Technology’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.
Investors will want to keep reading for more of the most recent stock market news today!
We have all of the hottest stock market stories available on Friday! A few examples include what’s happening with shares of Chijet Motor (NASDAQ:CJET) and Foxo Technologies (NYSEMKT:FOXO) stock, as well as the biggest pre-market stock movers this morning. All of this info is ready to go at the links below!
More Friday Stock Market News
- Why Is Chijet Motor (CJET) Stock Up 21% Today?
- Why Is Foxo Technologies (FOXO) Stock Up 55% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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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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