Biopharmaceutical company Propanc Biopharma Inc (OTCMKTS:PPCB) has had a pretty tough time in the markets in the past few days and it continued yesterday as the stock dived by another 15% yesterday. The decline in the stock on Monday took the total decline in the past week to as much as 35%.
Market Reaction
On Monday, PPCB stock moved down 15.20% to $0.0095 with more than 886k shares, compared to its average volume of 2.46 million shares. The stock moved within a range of $0.0093 – 0.0110 after opening trade at $0.0106.
The company, which is involved in developing cancer treatments for those patients who suffer from metastatic cancer, announced yesterday that it had successfully procured pharma grade raw materials for one of its products. The product in question is PRP, which the company seeks to use in the Phase 1 FIH or First In Human study into cancer patients who suffer from solid tumours.
The raw materials that had been procured by the company included 2.4 kilograms of chymtrypsinogen and 0.5 kilograms of trypsinogen. In this context, it needs to be pointed out that the company is also going to look into procuring more of these raw materials at some point in the middle of the year. It was a significant new development for Propanc but it did not lead to any optimism among investors and the slide in the stock continued unabated.
Traders Review
PPCB stock is trading below the 20-Day and 50-Day Moving averages of $0.0127 and $0.0161 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0263.
