Independent analytical testing laboratory and data analytics firm Digipath Inc (OTCMKTS:DIGP) saw its stock take a bit of a beating yesterday as it ended the day with a decline of 4%. The company, which is mainly involved in the cannabis and hemp industries, announced yesterday that it had inked a Validation Agreement with the company CASPR Technologies.
Trading Data
On Tuesday, DIGP stock fell 3.77% to $0.0258 with more than 40k shares, compared to its average volume of 142K shares. The stock moved within a range of $0.0254 – 0.0268 after opening trade at $0.0268.
Digipath Enters Into Validation Agreement with CASPR Technologies to Determine Efficacy for New Anti-Microbial Product for the Cannabis Industry
It was a significant announcement from the company considering the fact that CASPR is involved in the smart environmental technology industry and is primarily involved with healthcare. However, it seems that investors did not quite get optimistic about the signing of this agreement and the Digipath stock suffered from a selloff.
As per the terms of this particular agreement, Digipath is going to be involved in the testing and validation of the efficacy of CASPR’s technology when it comes to botanical applications. The testing and validation services are going to be useful as the company keeps working on the development of new products. The selloff in the stock price may have been a bit alarming but it ought to be noted that investors who have a long term outlook could keep the Digipath stock in their sights.
Key Quote
“Digipath is honored to participate in the critical validation phase for what could become a game-changing product in the cannabis industry,” stated Digipath Founder and President Todd Denkin. “CASPR is firmly established in other industries as an essential environmental technology company and its potential entry into the cannabis space is long overdue.
Technical Data
DIGP stock is trading below the 20-Day and 50-Day Moving averages of $0.0278 and $0.0303 respectively. Moreover, the stock is below the 200-Day moving average of $0.0414.
