The wellness industry has attracted plenty of investors in recent times due to the growth it has managed to generate but in the past week the wellness company Sibannac Inc (OTCMKTS:SNNC) has seen its stock suffering from a strong selloff.
Trading Data
On Monday, SNNC stock fell 0.60% to $0.0495 with more than 109k shares traded, compared to its average volume of 121K shares. The stock moved within a range of $0.0401 – 0.0525 after opening trading at $0.0525.
Sibannac, Inc. Enters Letter of Intent with Sleep Fitness Brand – SOMO(TM)
The stock went down by as much as 27% over the course of the past week as investors headed for the exits. In this situation, it may be important to figure out if the current situation could in fact be an opportunity to get into the stock. Yesterday, the company came into focus after it announced that it had inked a Letter of Intent with SUMO, the sleep fitness innovator.
It is an interesting development for the company considering the fact that SUMO has come up with a sleeping mask for which a patent is still pending at this point. The sleep aid market in the United States is growing at a rapid rate and at this point, it is worth as much as $14.5 billion. On the other hand, the worldwide sleep aid market is worth as much as $432 billion, which is why, it is a move from Sibannac that could eventually pay rich dividends.
Key Quote
Lisa and Paul Juris, co-founders of UrbanCave, Inc., said, “We’re thrilled to add our SOMO™ brand, vision, and expertise to the Sibannac portfolio, and help establish a leadership position in the global health and wellness space. We couldn’t have found a better partner to deliver the highest quality solutions with the utmost integrity.”
Technical Data
SNNC stock is trading below the 20-Day and 50-Day Moving averages of $0.0663 and $0.0826 respectively. Moreover, the stock is below the 200-Day moving average of $0.1309.
