Earlier on in the week, Propanc Biopharma Inc (OTCMKTS:PPCB) had been one of the biggest movers in the market but on Thursday the stock corrected sharply and went down by as much as 43% amidst a heavy selloff.
Trading Data
On Thursday, PPCB stock slumped 43% to $0.0205 with 5.86 million shares, compared to its average volume of 582K shares. The stock moved within a range of $0.0200 – 0.0414 after opening trade at $0.0390.
Recent Development
There was no fresh news about the company yesterday but it may be a good idea for investors to take a look at the development from March 2 in order to understand the reasons behind the original rally. The announcement at the time was a highly positive one with regards to PRP, the cancer stem cell technology that the company has been working on.
The company announced that among all the stem cell cancer technologies which are being developed, it is PRP which actually offers the strongest hope of actually eliminating cancer. Such an announcement and especially with regards to a condition like cancer can often lead to a wave of positivity about a stock.
That is what happened earlier on this week following the announcement and investors soon started piling on to the stock in a big way. It now remains to be seen if the stock can make a recovery today and end the week on a stronger foot.
Technical Data
PPCB stock is trading below the 20-Day and 50-Day Moving averages of $0.0219 and $0.0253 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0376.
