AXIM Biotechnologies Inc (OTCMKTS:AXIM) Stock Extends Fall: Company Develops Rapid Quantitative Tear Test for MMP-9

International healthcare solutions firm AXIM Biotechnologies Inc (OTCMKTS:AXIM) has seen its stock take a bit of a beating in recent days and the trend remained the same on Tuesday as the stock went down by another 7%. That took the total decline suffered by the stock over the course of the past week to as much as 38%.

Market Action

On Tuesday, AXIM stock slid 7.33% to $0.1480 with 2.78 million shares, compared to its average volume of 314K shares. The stock moved within a range of $0.1300 – 0.1686 after opening trade at $0.1686.

AXIM Biotech Develops Rapid Quantitative Tear Test for MMP-9, An Inflammatory Biomarker of Dry Eye Disease

While the stock declined sharply on Tuesday, it ought to be noted that the company made a significant announcement yesterday and it may be a good idea to look into it. The company announced yesterday that it had been successful in the development of a fast quarantine tear test for tackling MMP-9. MMP-9 is actually an inflammatory biomarker when it comes to Dry Eye Disease.

It was a major new development for the company but it did not prove to be a boost for the stock and investors headed for the exits. In this context, it is perhaps necessary to point out that although Dry Eye Disease is fairly widespread it is actually not diagnosed enough and primarily because the symptoms do not often chime with common signs. Hence, the potential development of a quarantine test could actually prove to be a major move.

Key Quote

John Huemoeller, AXIM’s CEO stated: “Some reports indicate that nearly half of all U.S. adults experience dry eye symptoms and 33% of patients in eye care clinics present with complaints about dry eye. Given the size of the market, AXIM made the strategic decision to develop a test for MMP-9 to assist in early detection of Dry Eye Disease. Together with our Lactoferrin and IgE Tests and now with the addition of our MMP-9 Test, AXIM will be positioned to corner the market for Dry Eye Disease diagnostic testing.”

Traders Note

AXIM stock is trading above the 10-Day and 20-Day Moving averages of $0.20 and $0.23 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 38.  

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