The trading week did not start off well for Tauriga Sciences Inc (OTCMKTS:TAUG) as the company’s stock went through a fairly strong selloff yesterday and went down by as much as 11% for the day.
Trading Data
On Monday, TAUG stock fell 10.71% to $0.0125 with more than 1.94 million shares, compared to volume of 578K shares. The stock moved within a range of $0.0091 – 0.0137 after opening trade at $0.0137.
Tauriga Sciences Inc. Chief Executive Officer Completes 1,500,000 Share Insider Purchase
The diversified pharmaceutical development and life sciences company was in the news on Monday after it announced that its Chief Executive Officer Seth M Shaw had concluded the purchase of as many as 1,500,000 Tauriga shares. An insider purchase of this nature from the top executive of a company is generally seen as a positive since it implies that the CEO believes that Tauriga is going to grow and so would the share price.
However, investors clearly did not see it in the same light and it led to the selloff that was seen yesterday. It is now going to be interesting to see if the stock can actually make a comeback over the course of the coming days.
In connection with the transactions from Seth M Shaw, it is also necessary to note that the share purchases were completed fairly recently. The 1,500,000 common shares in Tauriga had been bought by him from May 5 through to May 9.
Technical Data
TAUG stock is trading below the 20-Day and 50-Day Moving averages of $0.0157 and $0.0184 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0324.
