Biotech firm Cell MedX Corp (OTCMKTS:CMXC) could be in focus among investors this morning in light of the strong rally in the stock yesterday. The stock soared by as much as 31% on Monday after the company made a key announcement with a premarket notification.
Market Action
On Monday, CMXC stock soared 31% to $0.1635 with more than 17k shares, compared to its average volume of 22K shares. The stock has moved within a range of $0.1271 – 0.1949 after opening trade at $0.1271.
Key Driver
Cell MedX announced that the United States Food and Drug Administration had provided it with an acknowledgement with regards to the notification about eBalance Pro System and eBalance Home System. It goes without saying that it was a significant development and hence, it may have led to considerable excitement among investors.
In this regard, it is important for investors to keep in mind that at this point the submission made by Cell MedX is at the stages of initial review. On the other hand, the company has also got a request with regards to the anticipated request for more information about its products. The two systems in question are microcurrent electrotherapy systems and are meant for the administration of some specific varieties of therapies. The Pro System is meant for use by professionals while on the other hand the Home System variant is meant for use at home by regular people.
Traders Note
CMXC stock is trading below the 50-Day and 200-Day Moving averages of $0.16 and $0.19. Moreover, the stock is trading below the 20-Day moving average of $0.24. The stock is down 21% over the past month.
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