Timber Pharmaceuticals Has Seen Increased Trading Volume Over the Past Three Months

Timber Pharmaceuticals (NYSE: TMBR) has seen increased trading volume over the past three months. Timber focuses on developing treatments for rare dermatology diseases or conditions that currently have no treatments, including: Congenital Ichthyosis (CI), Tuberous Sclerosis Complex (TSC), and Localized Scleroderma.

Technical Levels

Timber recently formed what some technical traders call an ascending triangle, with resistance at $1.65, and broke out to new highs over $3.00. After hitting $3.00, it fell back down and retested the new support at $1.65 and bounced. Resistance on the daily chart below shows what speculative traders consider to be a resistance around $3.00.

Timber has been trading at higher than average volume since December 14th, 2020. On December 15th, 2020, Timber received notice of allowance on the company’s lead asset TMB-001 and has had much higher volume each day since. Timber has a low market cap of 28.35 million and a float of only $6.60 million. The float short is 20 percent.