Those who are looking into premarket action this morning may have noticed that the stock of the biopharmaceutical development company iBio Inc (NYSEAMERICAN:IBIO) suffered from a significant selloff. The stock has gone down by as much as 7% in the premarket trading period so far and it is going to be interesting to see if it can make a recovery during the trading day.
Trading Data
On Monday, IBIO stock moved up 4.75% to $0.3904 with more than 3.66 million shares, compared to its average volume of 3.22 million shares. The stock moved within a range of $0.3641 – 0.3986 after opening trade at $0.3793.
Earnings Recap
The company was actually in focus on Monday after it announced its financial results for second fiscal quarter of 2022 which ended on December 31, 2022. It may be a good idea to take a look at some of the highlights from the same.
In the second fiscal quarter, iBio managed to bring in revenues to the tune of as much as $0.2 million and that did not actually demonstrate a major difference from the prior year period. However, it ought to be noted that the revenue figure represented a drop of as much as 76% from the $0.7 million that iBio had generated in the same quarter back in 2022. That may be the reason behind the negative sentiments with regards to the stock at this point in time.
Key Quote
“We are pleased to report that we have now added six new immuno-oncology assets to our pipeline in the six months since we announced our new drug discovery capabilities,” said Tom Isett, Chairman & CEO of iBio.
Technical Data
IBIO stock is below the 20-Day and 50-Day Moving averages of $0.44 and $0.54 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.03. The stock is down 48% in the past 3-month.
