Silo Pharma Inc (OTCMKTS:SILO) Stock Pulls Back a Bit After The Recent Jump: What Next?

Silo Pharma Inc (OTCMKTS:SILO) stock saw a bit of pull back after the recent jump. The stock is still up 8% over the past week.

Market Action

In the previous trading session, SILO stock ended lower by 3.60% at $0.2130. A total of 112k shares traded for the session hands, compared to its average volume of 116K shares. The stock opened at $0.2390 and moved in a range of $0.1950 – 0.2390.

Recent News

Silo Pharma achieves milestone – Partner Zylo Therapeutics Receive DEA Approval to Advance …

Silo Pharma announced that their joint venture partner Zylo Therapeutics received approval from the DEA to advance the development of their Z-pod technology in combination with Ketamine.

Key Quote:

Eric Weisblum, CEO of Silo Pharma stated “The development of a transdermal Ketamine therapeutic with the patented Z-Pod® technology is an exciting opportunity for Silo.  The DEA’s approval advances the development  and ability to deliver Ketamine and potentially Psilocybin in a time-released or dosage-controlled manner.  We look forward to updating investors on this partnership as milestones are achieved.”

Trader Notes:

SILO stock is looking strong as it is trading above all the key moving averages with 50-day and 20-Day SMA stand at $0.18 and $0.20 respectively. The stock has gained 25% over the past month. The RSI stood at 58.