In recent times, plenty of biotechnology firms have managed to deliver considerable gains to investors and this week it is the PharmaCyte Biotech Inc (OTCMKTS:PMCB) stock that seems to have caught the fancy of many. On Wednesday, the stock emerged as one of the major gainers as it clocked gains of as much as 40%.
Although the stock managed to record handsome gains, it is also necessary to point out that there was no news about the company yesterday that might have led to such enormous gains. Hence, it might be a good idea for investors to take a look at a development from last week.
Last week, the company announced that its Annual Meeting of Shareholders for the year 2021 was held on June 16. However, the meeting has since been adjourned up until June 30. The company decided to go for an adjournment in order to give its shareholders additional time for voting on Proposal 2.
The aforementioned proposal is with regards to increasing the number of shares of the company’s capital stock. While this proposal remains in limbo, it is necessary to point out that the other proposals put forward by PharmaCyte had received enough votes from shareholders.
Market Reaction:
On Wednesday, PMCB stock went up 39.50% to $0.0120 with more than 13.52 million shares, compared to its average volume of 6.19 million shares. The stock has moved within a range of $0.0087 – 0.0135 after opening the trade at $0.0089. Over the past 52-week, the stock has been trading within a range of $0.0040 – 0.0370.
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