Stock Alert: IMAC Holdings Surges 150%

(RTTNews) - Shares of nano-cap company IMAC Holdings, Inc. (IMAC) are surging over 150% on Thursday morning after reporting narrower loss for the third quarter.

IMAC is currently trading at $2.12, up $1.29 or 155.64%, on the Nasdaq.

Third-quarter net loss narrowed to $1.43 million or $0.12 per share from $1.55 million or $0.19 per share last year. Revenues were however $3.45 million, down from $4.36 million last year.

IMAC Holdings, a health care company focused on orthopedic treatments, announced the acquisition of Lockwood Chiropractic in Webster Groves, Missouri.

CEO Jeffrey Ervin said, "While the COVID-19 pandemic has continued to negatively impact IMAC's revenue on a year-over-year basis, the Company has been extremely diligent and focused on continuing what it began prior to the pandemic to ensure that it is wisely allocating capital, strategically reducing expenses, and prudently managing operations."

Last week, the company said it was going to start enrollment in early November for its Phase 1 clinical study of umbilical cord-derived mesenchymal stem cells for the treatment of bradykinesia due to Parkinson's Disease.