On Wednesday, the Creative Medical Technology (NASDAQ:CELZ) stock had emerged as one of the major gainers on the market as it clocked gains of as much as 82% for the day.
Trading Data
On Wednesday, CELZ stock soared 82.35% to $3.10 with more than 139.46 million shares traded, compared to its average volume of 4.71 million shares. The stock moved within a range of $2.6300 – 3.9000 after opening trading at $3.45.
Creative Medical Technology Announces Positive Top-Line Results for StemSpine® Pilot Study
Considering the magnitude of the gains made by the stock, it could be a good move for investors to take a look at the development that led to such enormous gains yesterday. The stock started rallying yesterday after news emerged with regards to the StemSpine procedure from the company. The company announced significantly positive data yesterday in relation to the two year follow up study of the StemSpine product.
In this regard, it ought to be pointed out the StemSpine is a patented product from Creative Medical, which helps in taking care of lower back pain in patients by way of their own bone marrow aspirate. It goes without saying that the positive data from the study came as a source of significant optimism for investors and the rally in the stock was understandable. It now remains to be seen if the stock can continue to add to its gains today or if it corrects owing to profit booking.
Key Quote
“The positive two-year data from our StemSpine® pilot study are very encouraging, and we are excited to engage with practitioners on commercialization,” said Timothy Warbington, President and CEO of the Company.
Technical Data
CELZ stock is trading above the 20-Day and 50-Day Moving averages of $1.81 and $1.94 respectively. However, the stock is trading below the 200-Day moving average of $7.85.
