Over the course of the past week, the investors in Ortho Regenerative Technologies Inc (OTCMKTS:ORTIF) have suffered as the stock suffered from a selloff and fallen by as much as 11% during the period.
Market Action
On Tuesday, ORTIF stock ended flat at $0.2655 with 5K shares, compared to its average volume of 2.3K shares. The stock has moved within a range of $0.2655 – 0.2655 after opening trade at $0.2571.
Ortho Regenerative Technologies Reports Its Third Quarter 2022 Results
However, in this situation, it may be a good idea for investors to take a closer look at the clinical stage orthobiologics firm and make up their minds about it. Yesterday, the company was in focus after it announced its financial results for the third fiscal quarter that had ended on October 31, 2021. It may be a good idea to take a closer look at some of the highlights from the results.
The President and Chief Executive Officer of the company, Claude LeDuc, spoke about the achievements of the company during the course of the quarter. He stated that the clinical hold that had been placed on its main program for ORTHO R, meant for repairing rotator cuff tear, by the United States Food and Drug Administration had been lifted.
Due to the singular efforts put in by Ortho Regenerative, the agency granted the program with an Investigational New Drug Application. It now remains to be seen if the Ortho Regenerative experiences any kind of rebound this week.
Key Quote
“Our sustained efforts to resolve the FDA clinical hold during the third quarter were rewarded with the FDA granting Ortho its first Investigational New Drug Application (“IND”) for its lead program, ORTHO-R for rotator cuff tear repair. The recent lift of the clinical hold allows us to advance swiftly with our Phase I/II U.S. clinical trial and marks the beginning of a new era for Ortho,” said Claude LeDuc, President and CEO.
Traders Note
ORTIF stock is trading below the 20-Day and 50-Day Moving averages of $0.3157 and $0.3519. Moreover, the stock is trading is the neutral zone with RSI stands at 31. Key pivot point is $0.2627.
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