If you are hunting for biotech stocks this morning, then it may be a good time to start tracking the commercial stage biotech development firm Q BioMed Inc (OTCMKTS:QBIO).
Trading Data
On Tuesday, QBIO stock jumped 10% to $0.0165 with more than 835.25K shares, compared to its average volume of 1.06 million shares. The stock moved within a range of $0.0155 – 0.0175 after opening trading at $0.0155.
Q Biomed Provides Shareholder Update
After the company provided a key update to its shareholders yesterday, the stock went on an upward move and ended the day with gains of as much as 10%. The company announced yesterday that in 2022 it decided to focus on monetizing the current pipeline of products. This will help Q BioMed in building a platform that could help in generating growth and value in the future. In order to achieve that, the company is looking to amend the current agreement it has in place with Mannin research.
The amendment will turn the agreement into an equity stake and when that happens, it is expected to bring in millions of dollars to the asset base of Q BioMed. In addition to the asset value boost, Q BioMed believes that the positive catalysts for Mannin in the short term could also help in generating significant growth over the course of the coming 6 to 24 month period. It remains to be seen if the Q BioMed stock can add to its gains today.
Technical Data
QBIO stock is trading below the 20-Day and 50-Day Moving averages of $0.0198 and $0.0277 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1841. The company has a total market capitalization of $676K.
