The PharmaCyte Biotech Inc (OTCMKTS:PMCB) stock suffered a steep decline last week and this morning, the stock is expected to be in considerable focus among investors who might be hoping for a recovery.
Through the course of the previous week, the PharmaCyte stock tanked by as much as 45% and one of the negative triggers for the decline was possibly the adjournment of the company’s annual meeting with shareholders. The company announced that Annual Meeting of Shareholders that was held on June 16, 2021 was adjourned up until June 30, 2021.
The company, which is involved in the development of cellular therapies, decided to adjourn the meeting in order to give its shareholders more time for voting on its Proposal Number 2. The proposal in question is related to raising the number of authorised shares of the PharmaCyte capital stock.
The delay in reaching a decision with regards to this proposal seems to have put off many investors. However, at the same time, it is also necessary to note that the other proposals put forward by the company were passed with the right number of votes by the shareholders. The developments are expected to be watched very keenly by analysts and market participants.
Market Reaction:
On Friday, PMCB stock fell by 20.69% to $0.0069 with more than 42.75 million shares, compared to its average volume of 5.99 million shares. The stock has moved within a range of $0.0068 – 0.0087 after opening the trade at $0.0087. Over the past 52-week, the stock has been trading within a range of $0.0040 – 0.0370.
Pivot Points
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 0.0043 | 0.0056 | 0.0062 | 0.0075 | 0.0081 | 0.0094 | 0.0100 |
| Fibonacci | 0.0056 | 0.0063 | 0.0067 | 0.0075 | 0.0082 | 0.0086 | 0.0094 |
| Camarilla | 0.0064 | 0.0066 | 0.0067 | 0.0075 | 0.0071 | 0.0072 | 0.0074 |
| Woodie | 0.0059 | 0.0063 | 0.0078 | 0.0082 | 0.0097 | 0.0101 | 0.0116 |
| DeMark | – | – | 0.0059 | 0.0075 | 0.0078 | – | – |
 Stock Continues to See Selling Pressure: Where is The Bottom?){kind=link}