There were a number of stocks which recorded significant losses on Monday and one of those was the Oncologix Tech Inc (OTCMKTS:OCLG) stock, which ended the day with gains of as much as 18%.
Trading Data
On Monday, OCLG stock slid 18.18% to $0.0045 with 29.14 million shares, compared to its average volume of 13.26 million shares. The stock moved within a range of $0.0040 – 0.0066 after opening trade at $0.0056.
Major Details
Considering the magnitude of the losses, it may be a good idea for investors to take a look at the announcement made by the biopharmaceutical company on Monday. The company announced yesterday that it had signed a definitive agreement with regards to a business combination. Once the whole thing is concluded, the name of the combined company is going to be changed to DNAGO.
While that may be the case, it is necessary to point out that the common stock of the company and the share warrants are going to continue to trade on the OTC Markets under the ticker symbol OCLG. The new entity is going to carry on with the operations of the company and remain focussed on providing clinical genetic testing in relation to more than 20000 genes.
While the announcement was a significant one for Oncologix, it got the thumbs down from investors and went down sharply. It remains to be seen if the stock can manage to make a recovery today.
Key Quote
“We are grateful for the strong support from new and existing investors and the team of seasoned entrepreneurs at OCLG. We expect this transaction to accelerate the execution of DNAGO’s vision to provide clinical genetic testing on all 20,000+ genes encompassing 7,000+ rare genetic diseases at an affordable price for patients in need with “DNAGO’s AI System” said by Madeline Choi. “We are encouraged by the public reception of our business model shown by the investors’ reaction when they learned about DNAGO vision.”
Technical Data
OCLG stock is below the 20–Day and 50-Day Moving averages of $0.0059 and $0.0046 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0087.
