Israel based leading biotech company Pluristem Therapeutics Inc (NASDAQ:PSTI) has had a strong run in the markets over the course of the past week and the trend continued yesterday as well. The stock ended up with gains of as much as 10% amidst fresh interest and that took the gains made by the Pluristem stock in the past week to as much as 15%.
Trading Data
On Friday, PSTI stock moved up 10.29% to $1.93 with more than 1.66 million shares, compared to its average volume of 1.23 million shares. The stock has moved within a range of $1.7138 – 2.0350 after opening trade at $1.75.
Major Trigger
In this context, it is perhaps necessary for investors to consider taking a look at the major announcement made by the company back on January 10. The company announced last week that it had decided to collaborate with Israel’s biggest food producing company Tnuva Group in an innovative project.
In this particular project, the two companies are going to work on the development, manufacturing and eventual commercialisation of cultured cell based food products. It goes without saying that it is a project that could lead to enormous growth in the long term and more importantly, the collaboration with a massive entity like Tnuva is also a positive. It now remains to be seen if the stock can manage to continue to add to its gains over the course of this week or not.
Key Quote
Haim Gavrieli, Chairman of Tnuva Group: “Our collaboration with Pluristem is part of the execution of Tnuva Group’s strategy and vision. Tnuva strives to lead the alternative protein industry in Israel and to continue to expand in the industry on a global scale. We chose to collaborate with Pluristem because we believe it owns one of the most advanced cell production technologies in the world. We expect the collaboration between the companies to revolutionize the cultured food industry and develop the next generation of alternative proteins.”
Technical Data
PSTI stock is trading below the 50-Day and 200-Day Moving averages of $2.22 and $3.18 respectively. However, the stock is trading above the 200-Day moving average of $1.77.
