PHIO stock is currently trading at $3.33, down nearly 50% recently due to a $3.19 million registered direct offering priced at $3.00 per share, which diluted shareholder value. The bearish sentiment is further fueled by its poor performance, with a 33% decline over the past year and limited near-term catalysts. Despite ongoing clinical trials, the stock remains under pressure, reflecting investor skepticism about its financial and operational outlook.