There was no news about Umbra Applied Technologies Group Inc (OTCMKTS:UATG) this past Friday but that did not stop investors from moving in on the company’s stock.
On Friday, UATG stock ended higher by 3.65% to $0.0199 with more than 1.29 million shares, compared to its average volume of 5.65 million shares. The stock has moved within a range of $0.0192 – 0.0200 after opening trade at $0.0200.
Last Friday, the stock ended up with gains of as much as 4% and it is perhaps a god idea for investors to keep an eye on the stock this morning. In this context, it might be the right time to take a look at a development from last month. Back on October 18 Umbra Applied Technologies announced that Next Casting Technologies, its strategic partner had been awarded a Notice of Allowance by the United States Patent Office.
It was a significant development since following the award of the Notice of Allowance, Next Casting would be able to bring its products like BioSplint Technology, SmartCast and IntelliBrace into patented production.
Alex Umbra, who is the Chief Executive Officer of the company, spoke about the development as well. He stated that the whole thing had been part of a lengthy process and it was entering the production phase. In particular, it is the SmartCast application about which Alex Umbra spoke at the time. It now remains to be seen if the stock can add to its gains this week.
UATG stock is trading below 20-Day and 50-Day Moving averages of $0.0229 and $0.0267 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0240. The stock is down 19% over the past month.