Anyone who is currently looking into stocks which may have performed strongly in the past few weeks could do well to take a look at the PolarityTE Inc (NASDAQ:PTE) stock. The stock has managed to rally strongly over the course of the past month and managed to clock gains of as much as 67% during that period.
Trading Data
On Monday, PTE stock moved down 0.26% to $0.7180 with more than 11.43 million shares, compared to its average volume of 1 million shares. The stock has moved within a range of $0.6400 – 0.8300 after opening trade at $0.7473.
Announces U.S. FDA Approval of IND for Pivotal Phase 3 Study of SkinTE® to Support Chronic Cutaneous Ulcer Indication
In this situation, it may be a good time for investors to take a closer look at the company and especially the announcement that was made yesterday. PolarityTE came into sharp focus yesterday after it announced that its Investigational Drug Application for its SkinTE product had been approved by the United States Food and Drug Administration.
The product in question is meant for treating cutaneous ulcers of a chronic nature. The latest announcement from PolarityTE was another significant one and something that could prove to be another positive trigger for many investors.
It now remains to be seen if the PolarityTE can manage to further add to its gains and gain more momentum over the course of the coming days or not. It may be a good idea to add the stock to your watch lists at this point in time.
Key Quote
Richard Hague, Chief Executive Officer and President of PolarityTE, commented, “The clearance of our IND is a critical milestone for PolarityTE and a testament to the talent and hard work of our entire team. It is important to note that our strategy to pursue a complex chronic cutaneous ulcer indication, which includes the most challenging and cost-intensive wounds, is based on the learnings from our prior commercial experience as a 361 HCT/P and from our previous non-IND DFU and VLU RCTs, which gives us a great deal of confidence as we look forward to commencing our first pivotal study in the very near future.”
Technical Data
PTE stock is trading above the 20-Day and 50-Day Moving averages of $0.61 and $0.53 respectively. However, the stock is below 200-Day moving average of $0.77.
