The past few weeks have been a pretty tough time for investors in Endo International Plc (NASDAQ:ENDP) as the company’s stock suffered from a strong selloff. Over the course of the past month, the stock has tanked sharply and gone down by as much as 29%.
Trading Data
On Wednesday, ENDP stock fell 1.25% to $3.95 with more than 3.29 million shares, compared to its average volume of 7.03 million shares. The stock has moved within a range of $3.8300 – 4.0450 after opening trade at $4.02.
Endo Announces Agreement for Paladin Labs to Commercialize SK Biopharmaceuticals’ XCOPRI® (Cenobamate) in Canada
While it is true that there was no news about the company yesterday, it may be a good time for investors to perhaps take a look at an announcement from the company on December 23. At the time, the company announced that its subsidiary company Endo Ventures Limited had signed definitive agreements with the firm SK Biopharmaceuticals.
The definitive agreements in question were related to the distribution, commercialisation, development, supply and registration of cenobamate on an exclusive basis. The exclusive deal is going to be restricted to Canada only.
In this context, it should be noted that Endo’s operating company Paladin Labs is going to be in charge of taking care of the commercial initiatives that take place in Canada in relation to the product. While it is true that it was a major announcement, it did not lead to any major move in the Endo International stock.
Technical Data
ENDP stock is below the 20-Day and 50-Day Moving averages of $4.45 and $5.12 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.88.
