Full service mental health and substance abuse solutions providing company Univec Inc (OTCMKTS:UNVC) saw its stock undergo a sharp correction on Wednesday as it declined by as much as 11% amidst a strong selloff.
Trading Data
On Wednesday, UNVC stock fell 1.45% to $0.0367 with more than 1.09 million shares traded, compared to its average Wednesday of 1.04 million shares. The stock moved within a range of $0.0367 – 0.0460 after opening trading at $0.0400.
Major Details
While the decline in the stock was quite sharp, it is also necessary for investors to note that despite the fall the stock is still up by as much as 51% over the course of the past week. Yesterday, the stock declined after the company announced that it had appointed a new president in the form of Lamont Ellis. On top of that, the appointment went into effect from yesterday.
The appointment of Ellis is a significant one for Univec considering the sort of experience he possesses but the announcement did not elicit any enthusiasm from the company’s investors. In this context, it is important to point out that Ellis is a highly experienced professional, who was associated with the TIME Organization Inc for more than 22 years.
TIME Organization is one of the leaders in the Outpatient Mental Health Center space and such vast experience in the field could only be a major boost for Univec in the long run.
Key Quote
“Lamont is the right executive to join the leadership for Univec” said Dr. David Dalton, Chairman and CEO of Univec. “Lamont’s extensive background and business development skills will help Univec strengthen channel partnerships, acquisitions, and strategic alliances to expand our footprint in the mental health space.”
Technical Data
UNVC stock is trading above the 20-Day and 50-Day Moving averages of $0.0336 and $0.0334 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0643.
