After having gone through quite a remarkable rally, the Human Unitec International Inc (OTCMKTS:HMNU) stock went through a steep correction over the past week and it continued on Monday as the stock declined by 22%.
As a matter of fact, the Human Unitec stock has recorded a decline of as much as 68% over the past week. The earlier rally in the stock and then the correction over the past week has not been triggered by any material news about the company. That being said, it might be worthwhile to remember that back on June 22 Human Unitec had actually inked a strategic agreement with the medical technology outfir TechV SA.
It is a major development for Human Unitec and the signing of that agreement might have actually led to the rally in the stock later on. A look at the provisions of the deal makes it clear why it might be important. Human Unitec is going to help with distributing the product manufactured by TechV SA in the markets of Canada and the United States. The distribution operation is going to be done through the company’s business division known as MSK Kinesis. Despite the decline in the stock price it might still be worth tracking Human Unitec.
Market Reaction:
On Monday, HMNU stock fell 22% at $0.0135 with more than 18.23 million shares, compared to its average volume of 7.52 million shares. The stock had moved within a range of $0.0111 – 0.0176 after opening the trade at $0.0176. Over the past 52-week, the stock has been trading within a range of $0.0056 – 0.0550.
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