In recent days, Empower Clinics (OTCMKTS:EPWCF) has seen its stock perform quite strongly and the situation remained the same yesterday as investors continued to flock to the stock. While it is true that there was no news about the company yesterday, the stock jumped nonetheless and went up by as much as 10%.
Market Reaction
On Monday , EPWCF stock moved up 10.50% to $0.2229 with 26k shares, compared to its average volume of 99k shares. The stock has moved within a range of $0.2108 – 0.2236 after opening trade at $0.2186.
Empower Clinics Subsidiary MediSure Submits Health Canada Application For Its Rapid COVID-19 Antigen Tests
That took the gains made by the stock to as much as 25% for the past week. In this context, it might be a good move from investors to consider taking a look at an announcement from the company last Friday.
Empower Clinics is an integrated healthcare firm and last Friday, the company made an announcement regarding its subsidiary company MediSure Canada. It was announced that the subsidiary had sent in an application to Health Canada for the purpose of getting approval for the manufacture and sale of MediSure Canada Lateral Flow Rapid COVID-19 Antigen Tests.
It was a major announcement from the company considering the fact that the Omicron variant has led to even more tests in the United States. It now remains to be seen if the Empower Clinics stock can continued to add to its gains in the coming days.
Key Quote
“We acquired MediSure precisely to support their plans to diversify their medical device portfolio. This Health Canada submission demonstrates how these goals are being achieved.” said Steven McAuley, Chairman and CEO of Empower. “As a Canadian company, we’re proud to provide made-in-Canada testing solutions as we navigate another challenging winter. We’re working closely with Health Canada, so we can begin distribution as soon as possible.”
Traders Review
EPWCF stock is trading below the 200-Day and 50-Day Moving averages of $0.40 and $0.25 respectively. Moreover, the stock is trading above the 20-Day moving average of $0.20. The stock is up 5% over the past month.
