BioElectronics Corporation(OTCMKTS:BIEL), which is best known for its work on the development of medical technology products, saw its stock take a beating this past Friday as it ended the day with losses of 11%.
On Friday, BIEL stock fell 11.11% to $0.0008 with 104.44 million shares, compared to its average volume of 23.37 million shares. The stock moved within a range of $0.0007 – 0.0009 after opening trade at $0.0009.
BioElectronics Corporation Enters Into a Distribution Agreement For RecoveryRx in Spain With PRIM Group
Despite the decline in the stock price it ought to be mentioned that there was no news about the company on Friday and the drop may even seem a bit random to many investors. The last time the company was in the news was back on April 6 when BioElectronics announced that it had gone into a distribution agreement with PRIM Group, which is based out of Madrid, Spain.
The distribution agreement is with regards to the distribution of the RecoveryRx device across Spain. It was a major new development for the company considering the fact that Spain is a major market and the PRIM Group is expected to use its experience of the market to help the company in this regard.
It was also noted that BioElectronics was looking to add more qualified distributors to its network for other markets. That being said, the reason behind the latest selloff remains unclear and it will be interesting to see if the stock can actually make a move in the coming days.
BIEL stock is trading below the 20-Day and 50-Day Moving averages of $0.0010 and $0.0010 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0015.