Stocks which decline sharply may often recover as well and hence, it may be a good idea for investors to sometimes look into such stocks. One of the stocks to have recorded a substantial decline on Tuesday was that of InVitro International( OTCMKTS:IVRO), which tanked by as much as 25% amidst a selloff.
Market Reaction
On Tuesday, IVRO stock slumped 25.17% to $0.0898 with 2K shares, compared to its average volume of 5.5K shares. The stock moved within a range of $0.0898 – 0.0898 after opening trade at $0.0898.
IVRO with a Mission to Help Make Non-Animal Testing Famous, Releases Fiscal Q2 2022 Results
Yesterday the company, which is involved in developing non-animal testing technologies, was actually in the news, after it announced its financial results for the second fiscal quarter and for the 2022 financial year to date. In the second quarter, the company managed to bring in sales to the tune of $260,219 and that reflected a rise of as much as 27% year on year.
The performance in the second quarter brought the year to date sales up until yesterday to $443,780 and that represented a rise of 9.2% from the half yearly sales that had been generated in the 2021 fiscal year. However, at the same time, it ought to be noted that in the second fiscal quarter the company also suffered from net losses of $24,636 and that actually represented an improvement of 57% on a year on year basis.
Key Quote
In describing 1st half results, CEO W. Richard Ulmer said: “IVRO’s message is being received well by more laboratories and companies. Recently our core technology was recognized as having met the world’s highest regulatory and scientific standards via OECD adoption covering 37 countries, including the U.S. Although it took more than a decade to achieve this goal, we now have the credibility necessary to help new formulations and products reach their markets faster, at lower development costs, with complete confidence & added kindness to animals.
Traders Review
IVRO stock is trading below the 20-Day and 50-Day Moving averages of $0.20 and $0.26 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.19.
