The Blue Biofuels Inc (OTCMKTS:BIOF) stock has been in the middle of a downward spiral over the course of the past days and the trend continued on Monday as it ended the day with a decline of 4%. It should be noted that the selloff that took place yesterday stretched the losses over the past week to as much as 10%.
Trading Data
On Monday, BIOF stock fell by 3.68% to $0.2275 with more than 179k shares, compared to its average volume of 191k shares. The stock has moved within a range of $0.2201 – 0.2722 after opening trade at $0.24.
Blue Biofuels Appoints Expert in Engineering and Machine Automation to Accelerate Commercialization of the CTS Systems
Yesterday, the company was actually in the news after it made an announcement with regards to the appointment of a new Executive Director in the form of Kevin Hissem. Hissem is going to be involved in the continued development as well as commercialisation of the CTS technology system. It is a patented technology that belongs to Blue Biofuels.
It is quite clear to see that the appointment of Hissem could well prove to be a critical one in relation to the long term prospects of Blue Biofuels. However, at the same time, it is also important to point out that investors have not taken to the news with as much enthusiasm and the selloff in the stock yesterday was perhaps an indication of that. It might be a good move for investors to keep an eye on the stock at this point and see if there is any recovery.
