The week did not get off to a good start for investors in Wuhan General Group Inc (OTCMKTS:WUHN) as the stock suffered from a strong selloff yesterday and ended up with a decline of as much as 18% for the day. In light of such an enormous fall, it may be a good idea to take a look into the update provided by the bioceutical firm on Monday.
Trading Data
On Monday, WUHN stock plunged 18.57% to $0.35 with more than 168K shares, compared to its average volume of 44K shares. The stock moved within a range of $0.3260 – 0.4050 after opening trade at $0.4050.
Key Update
It should be noted that the company is currently involved in plant based CBD as well as mental health therapy research. Yesterday, the company announced that Medpresso had become a member of the Specialty Coffee Association of South Africa.
The association is a non-profit one that helps in uniting different participants from the coffee industry in the Southern portion of Africa. The objective of the association is to help in appreciating premium quality coffees that are produced by the companies in Southern Africa.
While the announcement was a significant one from the company it did not lead to any optimism among investors and the stock went down by as much as 18% as a consequence. It now remains to be seen if the stock can manage to make a recovery in the coming days.
Key Quote
“Officially being a member of SCASA adds new depth to the brand. It’s absolutely amazing to be part of such a prestigious association that serves the coffee community through so many channels and initiatives. At Medspresso™ we focus on continually enhancing the quality of our products and the value proposition to our consumers, and our new membership with SCASA will allow us to do just that.” – says Michael Sachar, CEO of M2Bio Sciences Food and Beverage.
Technical Data
WUHN stock is below 20-Day and 50-Day Moving averages of $0.44 and $0.47 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.51.
