Leading virology and oncology company, Oncotelic Inc (OTCMKTS:OTLC) was in considerable focus among investors yesterday after the company made a key announcement with regards to the COVID-19 virus. As a consequence, the stock experienced some action and ended up with gains of 3% for the day.
Trading Data
On Wednesday, OTLC stock ended up by 2.65% to $0.1550 with more than 42k shares, compared to its average volume of 229k shares. The stock has moved within a range of $0.1550 – 0.1650 after opening trade at $0.1650.
Major News
Despite the gains that were recorded on Wednesday, it should be noted that the Oncotelic stock is still down by as much as 6% over the past week. The company announced yesterday that it had concluded a mutational analysis of the virus and announced its key findings.
Oncotelic noted that it was the open reading frames 8 or ORF8 that was responsible for the evolution of the new variants of the virus, namely the Delta and Omicron variants. It should be noted that it was a major announcement from the company considering the fact that the findings could now be deployed by those who may be looking to study these variants closely.
The Chief Executive Officer and Chairman of the company, Dr Vuong Trieu, stated that the company was pleased at the fact that it had been able to figure out the main ‘evolutionary pathway’ of the new variants of the COVID-19 virus.
Key Quote
“It is gratifying to identify what we think is the fundamental evolutionary pathway for SARS-CoV-2,” said Dr. Vuong Trieu, CEO and Chairman of Oncotelic. “The analysis allows us to position our therapeutic and vaccine platform against ORF8 to address this pandemic as it further mutates.”
Technical Data
OTLC stock is trading above the 20-Day and 50-Day Moving averages of $0.15 and $0.13 respectively. However, the stock is trading below the 200-Day moving average of $0.19. The stock is up 40% in the past month.
