Another stock that performed poorly on Monday and declined sharply was the Kraig Biocraft (OTCMKTS:KBLB) stock, which tanked by as much as 13% for the day. It should be noted that it is a biotech company that is involved in the production, development and eventual commercialisation of spider silk.
Trading Data
On Monday, KBLB stock slid 13.12% to $0.0695 with 3.44 million shares, compared to its average volume of 1.37 million shares. The stock moved within a range of $0.0650 – 0.0829 after opening trade at $0.0750.
Kraig Biocraft Laboratories Collaboration Between US and Vietnam Teams Completes First 100% Genetic Screening for In-Process Spider Silk Production
Although the stock suffered from a heavy selloff, it is important for investors to note that the company announced that it had managed to come up with considerable advancements at Prodigy Textiles, its production facility that is based out of Vietnam. It was a major announcement from the company and that could eventually be seen as a positive by many investors.
However, as things stand, the investors headed for the exits and the stock tanked. It would be interesting to see if the stock can make a recovery through the rest of the week or not.
The company announced that the specialised testing capabilities are now being transferred from the United States to the company’s testing facility located in Vietnam. Such testing and research and development capabilities had only been available in the United States in the past. It could prove to be a massive boost for the Vietnamese facility.
Key Quote
“Transferring this screening technology to Prodigy was the final element needed for our operations team in Vietnam to complete scaling up output to match our facility capacity,” said COO Jon Rice. “With our lab team at Prodigy taking over this crucial testing, I believe our team in Vietnam is now ready to boost monthly silk production targets by 20-50 times current levels.”
Technical Data
KBLB stock is trading below the 20-Day and 50-Day Moving averages of $0.0802 and $0.0842 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0895.
