The last Monday of the year did not turn out to be a great one for Moleculin Biotech Inc (NASDAQ:MBRX) investors as the company’s stock suffered from a significant selloff and ended up with a decline of as much as 19%.
Trading Data
On Monday, MBRX stock moved down by 8.42% to $1.85 with 872k shares, compared to its average volume of 252K shares. The stock has moved within a range of $1.8100 – 2.0500 after opening trade at $2.05.
Reports Prelim Third Cohort Interim Data in Phase 1b/2 Clinical Trial of Annamycin
The company, which is involved in developing medicines for resistant viruses and tumours, announced the preliminary interim results from the Phase 1b/2 clinical trial for one of its products. The product in question is Annamycin and is meant for treating those who may be suffering from soft tissue sarcoma (STS) lung metastases.
In this regard, it is also necessary to point out that the company also managed to complete the safety review of the product. However, it is clear to see that investors were not particularly happy about the particulars from the results and the Moleculin Biotech stock soon suffered from a steep selloff. It now remains to be seen if the stock can manage to make a comeback over the course of the coming days. It may be a good idea for investors to keep the Moleculin Biotech stock in their watch lists for the time being and keep an eye on the price action.
Key Quote
“Even though this is still early in the Phase 1b portion of the trial, the data continue to be encouraging. Three of the six patients in the first two cohorts reached four or more months with stable disease or better. In a patient population where the median progression-free survival is approximately 1.61 months, we believe Annamycin has the potential to bring a new and effective treatment option to patients with this significant unmet need,” commented Walter Klemp, Chairman and CEO of Moleculin.
Technical Data
MBRX stock is trading below the 20-Day and 50-Day Moving averages of $2.11 and $2.34 respectively. However, the stock is trading below the 200-Day moving average of $3.13. The stock is down 14% in the past month.
