As the trading week draws to a close there are many stocks that investors can still look into and one of those is the RenovaCare Inc (OTCMKTS:RCAR) stock. While it is true that there has been no news about the company in the past week, it may be a good move to take a look at the announcement made by RenovaCare back on May 3.
Market Action
On Thursday, RCAR stock ended flat at $0.0600 with 35K shares, compared to its average volume of 11K shares. The stock moved within a range of $0.0600 – 0.0600 after opening trade at $0.0600.
RenovaCare Announces Termination of StemCell Systems R&D Agreement
At the time the company announced that it had decided to terminate the Strategic Research and Development Agreement that it had in place with StemCell Systems GmbH. That particular agreement in question had been signed by RenovaCare back on July 1, 2020.
In addition to that, RenovaCare also announced that its Research and Development Center located in Berlin, Germany had also been closed down. The move from the company also bring to a close the work that had been going on with regards to SkinGun spray device and a Cell Isolation Device.
However, it ought to be noted that the development of the products may resume when RenovaCare manages to get hold of another Contract Manufacturing Organization. Alternatively, the work may continue at StemCell Systems as well.
Traders Note
RCAR stock is trading below the 20-Day and 50-Day Moving averages of $0.1512 and $0.2243 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 24.
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