Despite making a major announcement on Wednesday, the Advaxis Inc (OTCMKTS:ADXS) stock was in a downward spiral and ended the day with a decline of as much as 7%. In this situation, it may be a good idea for investors to take a look at the announcement from the biotech company and then figure out if the stock is going to recover or not.
Trading Data
On Wednesday, ADXS stock fell 6.82% at $0.0820 with 215K shares, compared to its average volume of 478K shares. The stock moved within a range of $0.0781 – 0.0880 after opening trade at $0.0880.
Key Details
The company announced yesterday that it was going to make a presentation of the data from the Phase 2 study of its product ADXS 503. In the aforementioned study the product had been combined with pembrolizumab and had been used to treat patients who were suffering from metastatic non-stem cell lung cancer.
While the announcement may have stoked interest among investors, it did not lead to any prosperity for the stock as it suffered from a sharp selloff. The data is going to be announced by the company on June 6 and it will consist of as many as three abstracts. At this point in time, it may be a good idea for investors to consider adding the stock to their watch lists and keep an eye on the price action.
Technical Data
ADXS stock is below the 20–Day and 50-Day Moving averages of $0.0953 and $0.1074 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.3042.
