The new trading week did not get off to a good start for investors in the company clinical stage medicine development firm RegeneRx Biopharmaceuticals Inc (OTCMKTS:RGRX). Yesterday, the company made an important announcement in relation to its United States based joint venture ReGenTree LLC and that resulted in a fall of 3% in its stock price.
Market Action
On Monday, RGRX stock slid 3% at $0.16 with more than 69k shares, compared to its average volume of 120k shares. The stock has moved within a range of $0.1570 – 0.1999 after opening trade at $0.1999.
The company announced that ReGenTree sent in a letter to the United States Food and Drug Administration with a request for a pre-BLA meeting in relation to the product RCN 259. The product in question is meant for treating those who suffer from dry eye syndrome.
BLA, which stands for a Biologics License Application is regarded as a procedure for eventual full approval for a biologics product and it also includes both vaccines as well as therapeutics. In the pre-BLA meeting, the company seeks to discuss the acceptability, format and content of its BLA application.
If the meeting is approved then it could be a highly important one on the path to potential approval. However, the announcement did not seem to particularly excite investors and the RegeneRx Biopharmaceuticals stock suffered from a bit of a selloff. Despite that, it may be a good move to keep the stock in your watch lists.
Traders Note
RGRX stock is trading below the 20-Day and 50-Day Moving averages of $0.17 and $0.17. Moreover, the stock is trading
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