It was a tough day in the markets for investors in the company Indaptus Therapeutics Inc (NASDAQ:INDP) as its stock suffered from a selloff and ended the day with a decline of as much as 8%.
Trading Data
On Friday, INDP stock fell 7.41% to $2.75 with more than 1.23 million shares, compared to its average volume of 479k shares. The stock moved within a range of $2.3000 – 2.8500 after opening trade at $2.82.
Indaptus Therapeutics Announces FDA Clearance of Investigational New Drug Application to Initiate Phase 1 Clinical Trial of Decoy20 in Solid Tumors
However, it ought to be noted that last week on May 19, the company made a fairly positive announcement and it may be a good move to look into it a bit more closely. The company announced that its Investigational New Drug application had been approved by the United States Food and Drug Administration.
See Why OTC Investors Should Put This Medical Technology Stock On Their Watchlist Now.
The application had been for the start of Phase 1 clinical trial in those who suffer from solid tumors of an advanced stage for which the approved therapies have failed to be effective. It was also announced that the clinical trial was supposed to commence at some point in the second half of 2022.
The announcement was a significant one and could lead to a long-term boost for Indaptus. However, investors somehow did not see it that way and the stock suffered. It now remains to be seen if the stock can make a comeback any time soon.
Key Quote
“We are excited to begin our first-in-human study of Decoy20, as there is still a significant unmet medical need for patients with advanced solid tumors. This is an important milestone for Indaptus, which brings us one step closer to our goal of demonstrating the utility of a multi-targeted and antigen-agnostic, systemic immunotherapy that primes and activates both innate and adaptive anti-tumor immune responses,” said Jeffrey Meckler, Chief Executive Officer of Indaptus.
Technical Data
INDP stock is trading below the 20-Day and 50-Day Moving averages of $2.81 and $3.34 respectively. Moreover, the stock is trading below the 200-Day moving average of $5.85.
