Market Reaction:
On Wednesday, BBBT stock gained 85.19% at $0.0300 with more than 49.91 million shares, compared to its average volume of 4.54 million shares. The stock has moved within a range of $0.0170 – 0.0310 after opening the trade at $0.0180.
Plant based biopesticide, MiteXstream, manufacturer Black Bird Biotech Inc (OTCMKTS:BBBT) came into major focus among investors on Wednesday and its stock emerged as one of the biggest gainers.
Despite there being no fresh news about the company at all, investors piled on to the Black Bird stock in a big way and sent it soaring by as much as 85%. In light of the sheer magnitude of the gains, it is likely that the stock is going to come into considerable focus among investors today as well. Since there has been no new development, it might be a good move to take a look at an announcement from Black Bird in September.
Key Development
Back on September 28, the company had announced that a global agri-chemical distributor based out of the Middle East was going to start testing MiteXstream from October of this year. That was a significant development for the company since such a move could eventually open up a massive market for Black Bird.
At the time it was announced that the distributor was going to test the product on a wide range of crops. Since MiteXstream tackles mites and at the same time, is not a poison, it attracted the attention of the distributor.
Traders Note:
BBBT stock is trading above the 20-Day and 50-Day Moving averages of $0.0197 and $0.0223. However, the stock is trading below 200-Day moving average of $0.0334. The stock is up 70% in the past month.
