Short Interest in NEXGEL, Inc. (NASDAQ:NXGL) Increases By 309.4%

NEXGEL, Inc. (NASDAQ:NXGL) was the target of a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 104,800 shares, a growth of 309.4% from the October 31st total of 25,600 shares. Currently, 2.2% of the shares of the stock are sold short. Based on an average daily volume of 59,300 shares, the days-to-cover ratio is presently 1.8 days.

Institutional Investors Weigh In On NEXGEL

An institutional investor recently raised its position in NEXGEL stock. Northeast Financial Group Inc. raised its stake in NEXGEL, Inc. (NASDAQ:NXGL) by 168.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,848 shares of the company’s stock after buying an additional 20,000 shares during the period. Northeast Financial Group Inc. owned about 0.50% of NEXGEL worth $82,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 2.21% of the company’s stock.

NEXGEL Trading Up 2.8 %

NXGL traded up $0.09 on Wednesday, hitting $3.32. The company had a trading volume of 85,518 shares, compared to its average volume of 38,767. The business’s fifty day simple moving average is $2.89 and its 200 day simple moving average is $2.60. The company has a quick ratio of 0.93, a current ratio of 1.51 and a debt-to-equity ratio of 0.19. NEXGEL has a 12-month low of $1.71 and a 12-month high of $3.55. The company has a market cap of $22.54 million, a PE ratio of -5.74 and a beta of 0.73.

NEXGEL Company Profile

NEXGEL, Inc manufactures high water content, electron beam cross-linked, and aqueous polymer hydrogels and gels. Its products are used for wound care, medical diagnostics, transdermal drug delivery, and cosmetics. The company was formerly known as AquaMed Technologies, Inc and changed its name to NEXGEL, Inc in November 2019.