There were many stocks which suffered from sharp selloff last week and one of those was that of Premier Biomedical Inc (OTCMKTS:BIEI). The stock was in the middle of a selloff this past Friday yet again and ended up with a decline of 4%.
Market Reaction
On Friday, BIEI stock ended lower by 3.70% to $0.0026 with more than 1.26 million shares, compared to its average volume of 11.16 million shares. The stock has moved within a range of $0.0023 – 0.0026 after opening trade at $0.0023.
Major Trigger
However, in this regard, it should be noted that the selloff took the decline recorded by the Premier Biomedical stock to as much as 21% for the past week. Although the decline in the stock was sharp, it is also necessary for investors to keep in mind that there was no news at all about the company last week.
As a matter of fact, there has been no news about Premier Biomedical this year at all and the last time the company was in the news was in May 2020. At that time, the company had announced that it had signed an agreement with the firm Technology Health Inc for the purpose of developing a treatment for the novel coronavirus.
While it may have been a significant announcement at the time, it is unlikely to have had any effect on the Premier Biomedical stock last week. It may be a good idea for investors to keep an eye on the news regarding the company.
Traders Review
BIEI stock is trading below the 20-Day and 50-Day Moving averages of $0.0035 and $0.0047 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0031. The stock is down 33% over the past 3-month.
