In the past month, the QSAM Biosciences Inc (OTCMKTS:QSAM) stock has been one of the laggards and the trend has continued over the past week, during the course of which the stock has recorded declines of 12%.
On Wednesday, QSAM stock ended flat at $0.25 with 51.9k share, compared to its average volume of 21.06k shares. The stock has moved within a range of $0.2500 – 0.2500 after opening trade at $0.2975.
The performance over the past week has taken the losses recorded by the stock in the past month to as much as 28%. The new age therapeutic radiopharmaceuticals development company was in the news on Wednesday after the company made a key announcement about the phase 1 clinical trial of its product CycloSam.
The company announced that it had been successful in activating the first clinical trial site for the Phase 1 clinical trial of the product. However, that is not all. QSAM also announced that it had also started the enrolment of patients for the trial. It goes without saying that the announcement from the company on Wednesday was an important one since it marks a significant step when it comes to the commencement of the Phase 1 clinical trial of CycloSam.
It is an important product for QSAM and is meant for the treatment of a range of bone cancer types. The enrolment site is at Oncology Consultants, which is located in Houston, Texas.
“The initiation of our first Phase 1 clinical trial of CycloSam is an important development for QSAM as it demonstrates the potential for treating bone cancers using our new approach. We look forward to driving enrollment forward and establishing a safety profile and understanding of CycloSam’s potential for efficacy,” stated Douglas R. Baum, QSAM’s CEO.
QSAM stock is trading below the 20-Day and 50-Day Moving averages of $0.3047 and $0.3258. Moreover, the stock is trading is the neutral zone with RSI stands at 42. The stock is down 29% over the past month.