It was a tough day in the markets for investors in Enzolytics Inc (OTCMKTS:ENZC) as the company’s stock came under considerable selling pressure and ended the day with a decline of as much as 12%. It now remains to be seen if the stock can make a recovery over the rest of the week or not.
Trading Data
On Tuesday, ENZC stock lost 12.54% to $0.0300 with more than 13.35 million shares, compared to its average volume of 5.67 million shares. The stock moved within a range of $0.0284 – 0.0343 after opening trade at $0.0326.
Enzolytics Inc. Announces Collaboration with Abveris to Discover Monoclonal Antibodies
While there was no news about the company yesterday that may have triggered the selloff, it may be a good time to take a look at the announcement from the company back on September 16. The company announced at the time that gone into a collaboration with Abveris, which is a business unit of Twist Bioscience Corporation.
By way of this collaboration the two entities are going to be focused on the discovery of monoclonal antibodies which are fully human and could be deployed as antibodies against a range of viruses. It was also noted that the two companies own technologies which could be synergistic in nature and hence, the two possibly went into the agreement.
However, at this point in time, it is difficult to say whether this agreement was the reason behind the selloff in the stock yesterday.
Key Quote
“We have been impressed by Abveris’ track record of discovering and delivering therapeutic antibodies,” said Dr. Gaurav Chandra, Chief Operating Officer of Enzolytics. “To efficiently block COVID-19 infections and transmission, we need to get high levels of secretory IgA, reflecting mucosal immunity. Abveris will identify promising monoclonal antibody candidates via function-forward, high-resolution screening under expedited timelines.
Technical Data
ENZC stock is trading below the 20-Day and 50-Day Moving averages of $0.0398 and $0.0502 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0715. The company has a total market capitalization of $84 million.
