Investors are often prone to follow stocks which may have recorded strong gains on the previous day and by that token, it is likely that the United Health Products Inc (OTCMKTS:UEEC) stock is going to come into focus today. The stock experienced heavy action on Wednesday and ended the day with gains of as much as 34% as a consequence.
Market Reaction
On Wednesday, UEEC stock soared 34% to $0.63 with more than 237K shares, compared to its average volume of 76K shares. The stock moved within a range of $0.4680 – 0.7400 after opening trade at $0.4680.
United Health Products Provides Regulatory and Business Update
The company came into focus after it provided a key update with regards to the regulatory process that has been undertaken by the United States Food and Drug Administration. The company announced that the tasks that it had to complete as per the directives of the FDA back in January this year had been completed on April 20, 2022.
In light of that development, the regulatory consultant at United Health and the company itself have put forward a request to have a meeting with the agency in the next 30 days.
The meeting is going to be with the committee that is in charge of overseeing the Premarket Approval application from United Health. It was a significant announcement from the company and the excitement among investors with regards to the same was perhaps understandable.
Traders Review
UEEC stock is trading above the 20-Day and 50-Day Moving averages of $0.49 and $0.47 respectively. However, the stock is trading below the 200-Day moving average of $0.73.
