Last Friday there were plenty of stocks which performed poorly and one of those was the BioStem Technologies Inc (OTCMKTS:BSEM) stock. The company, which develops products meant for the Advanced Wound Care space, came into focus last Friday after it announced its financial results for the fiscal year that had ended on December 31, 2021.
On Friday, BSEM stock fell 5.56% to $1.7 with 10K shares, compared to its average volume of 1.4k shares. The stock moved within a range of $1.5100 – 1.7000 after opening trade at $1.55.
BioStem Technologies Inc. Reports December 31, 2021 Year End Financial Results
The numbers clearly did not impress investors and the BioStem stock suffered from a selloff to end the day with a decline of 6% for the day. The company managed to bring in revenues to the tune of as much as $4.341 million in the fiscal year and that worked out to a year on year rise of as much as 80% from net revenues of $2.415 million in the period that ended on December 31, 2020.
On the other hand, the net losses for the period came in at $1.408 million and that actually reflected a significant drop from the net loss of $2.518 million that BioStem had suffered in the previous year. It reflected a drop of as much as 44%. While the stock did suffer from a major selloff, it is going to be interesting to see if it can make a recovery any time soon.
CEO, Jason Matuszewski, “I am proud of our team’s dedication and execution that delivered very strong fourth-quarter financial results to close out 2021. It was a year of many accomplishments that sets the stage for BioStem’s continued growth in 2022. Furthermore, I am excited to lead the team forward as we work to realize the long-term commercial potential of our product portfolio.
BSEM stock is trading above the 20-Day and 50-Day Moving averages of $1.35 and $1.22 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 80.