The Protagenic Therapeutics Inc (NASDAQ:PTIX) stock declined by as much as 17% this past Friday without any news and although it is a considerable decline, it should be noted that over the course of the past month it is still up by 36%.
Considering the performance of the Protagenic stock over the past month, it could be a good move for investors to look into some developments from earlier on this year. One of the more important developments with regards to the company came about in April this year when Protagenic announced the closing of its public offering worth $13.2 million.
At the same time, the company also announced that its stock had been uplisted to NASDAQ. In the underwritten public offering, Protagenic sold a total of 3180000 units for the price of $4.15 each. The stock and the common warrants of the company also started trading on the NASDAQ Capital Market on April 27 this year.
The gross proceeds from the offering came in at $13.2 million before the deduction of commissions, discounts and other sundry expenses. While this was a significant event in itself for the company, it is unlikely that the stock declined on Friday due the events in April.
Market Reaction:
On Friday, PTIX stock decreased by 12.76% to $2.94 with more than 6.50 million shares, compared to its average volume of 6.91 million shares. The stock has moved within a range of $2.9400 – 3.7300 after opening the trade at $3.41. Over the past 52-week, the stock has been trading within a range of $1.8420 – 4.8900.
Pivot Points
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 1.8867 | 2.4133 | 2.6767 | 3.2033 | 3.4667 | 3.9933 | 4.2567 |
| Fibonacci | 2.4133 | 2.7151 | 2.9016 | 3.2033 | 3.5051 | 3.6916 | 3.9933 |
| Camarilla | 2.7228 | 2.7952 | 2.8676 | 3.2033 | 3.0124 | 3.0848 | 3.1573 |
| Woodie | 2.2250 | 2.5825 | 3.0150 | 3.3725 | 3.8050 | 4.1625 | 4.5950 |
| DeMark | – | – | 2.5450 | 3.2033 | 3.3350 | – | – |
Moving Averages
| +/- EMA(20) | 2.71 (+8.49%) |
| +/- SMA(50) | 2.37 (+24.05%) |
| +/- SMA(200) | 1.95 (+50.77%) |
 Stock Continues to Slide: Good To Buy?){kind=link}