Up and coming biotech player TYME Technologies Inc (NASDAQ:TYME) saw its stock come under heavy selling pressure yesterday as investors headed for the exits. As a consequence, the stock tanked by as much as 38% for the day.
Trading Data
On Tuesday, TYME stock slumped 37.46% to $0.3315 with more than 9.39 million shares, compared to its average volume of 976k shares. The stock has moved within a range of $0.2910 – 0.4005 after opening trade at $0.30.
TYME Technologies, Inc. Provides Update on Precision Promise Trial in Metastatic Pancreatic Cancer
In light of the remarkable drop in the stock price, it may be a good time for investors to take a look at the announcement made by TYME yesterday. The company announced yesterday that the Precision Promise Trial into its product SM 88 with MPS had actually been discontinued. The product in question is meant for treating patients who may be suffering from pancreatic cancer.
The termination had been ordered by Pancreatic Cancer Action Network, which was actually the sponsor of the trial. The news about the termination naturally came as a source of much negativity and that was eventually reflected in the price action of the stock as the selloff ensured.
At this point in time, it may be a good idea for investors to perhaps await for more information about the company’s plans before coming to a decision about the stock one way or another. It remains to be seen if the slide in the stock is arrested today.
Technical Data
TYME stock is trading below the 20-Day and 50-Day Moving averages of $0.58 and $0.69 respectively. Moreover, the stock is below 200-Day moving average of $1.06.
