Although it is true that Provectus Biopharmaceuticals Inc (OTCMKTS:PVCT) did make a significant announcement on Tuesday, it did not come as a much of a boost for its stock. In fact, the stock suffered from a selloff and went down by as much as 5% for the day.
Trading Data
On Wednesday, PVCT stock fell 4.71% to $0.0667 with more than 508k shares, compared to its average volume of 254k shares. The stock moved within a range of $0.0551 – 0.0708 after opening trade at $0.0700.
Provectus Biopharmaceuticals Announces Acceptance of PV-10® Metastatic Uveal Melanoma Abstract
Yesterday, the company announced that it was going to present the data from the current clinical trial of PV-10, its investigational cancer immunotherapy product meant for the treating uveal melanoma metastatic to the liver, at a key industry event. The event in question is the 20th Congress of the International Society of Ocular Oncology (ISOO) that is going to be held in Leiden, The Netherlands from June 17 to June 21 this year.
The presence of the company at a key international industry event is expected to be a significant boost for Provectus and its product. Yesterday, the company also announced that the title of the abstract that it will present at the event is “A phase 1 study of percutaneous autolytic rose bengal disodium for metastatic uveal melanoma patients with hepatic metastases”.
Although the stock suffered from a selloff on Wednesday, it is going to be interesting to see if the stock can actually make a recovery any time soon.
Technical Data
PVCT stock is trading above the 20-Day and 50-Day Moving averages of $0.0663 and $0.0613 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0631.
