Shares of Quanta Inc (OTCMKTS:QNTA) are taking a hit on Thursday after moving up in the early session.
Market Action
As of 11:58 AM, QNTA stock has fallen by over 22% and trading at the lowest point of the day at $0.107. The stock has traded 13.11 million shares, higher than the daily average volume of 6.88 million shares. The stock opened at $0.144, reached as high as $0.168, and touched a low of $0.106.
Medolife Secures New Extraction Facility
Medolife Rx, Quanta’s majority-owned subsidiary, issued a press release this morning and here are the notable highlights:
Medolife Rx has secured a new extraction facility in the Dominican Republic (DR) as well as onboarded scientific staff.
- The Company has been scaling production of its lead drug candidate Escozine®, which is derived from peptides found in scorpions that are then polarized through a patented process to increase efficacy.
- This team will increase Medolife’s current capacity by around ten-fold, with the capability of adding a night shift and later doubling that increase in production.
“Our goal is to not only sell approved pharmaceutical medicines and functional wellness products, but to own our supply chain, which is rare in our space, and this facility adds to that construct,” said Medolife CEO Dr. Arthur Mikaelian.
Trader Notes
QNTA ran right to its first pivot point of .01685 and turned Thursday. Additional pivot points to watch are .199 and .26 above and /106 /075 and .01 below. QNTA still trades above all its major moving averages. The 5,10,20, and 50. RSI has turned slightly lower and MACD is still rising.
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