Despite the announcement of an important deal on Friday, the Puration Inc (OTCMKTS:PURA) stock did not have a good time in the markets and ended up with a decline of as much as 12% owing to a selloff.
Trading Data
On Friday, PURA stock moved down 11.82% at $0.0097 with more than 29.71 million shares, compared to its average volume of 5.18 million shares. The stock has moved within a range of $0.0086 – 0.0127 after opening trade at $0.0110.
PURA and PAOG Announce CBD IP Deal In Conjunction With New CBD Infused Product Developments
In this situation, it may be a good move for investors to take a closer look at the announcement made by the company. The company announced on Friday that it had closed a transaction with the firm PAO Group. As per the provisions of the transaction, PAO Group is going to be provided with an exclusive license for a patented cannabis extraction methodology that is owned by Puration.
The license is going to help PAO Group in further expanding its intellectual property portfolio. The exact financial details of the deal were not revealed but it goes without saying that it could prove to be a major deal for Puration.
However, it did not lead to much optimism among investors and the stock recorded a significant decline as a consequence. At this point, it may be a good idea for investors to add the Puration stock to their watch lists and keep an eye on the developments before making a move on the stock.
Technical Data
PURA stock is trading below the 20-Day and 50-Day Moving averages of $0.0128 and $0.0154 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0174. The stock is down 25% in the past week.
