Athenex Inc (NASDAQ:ATNX) Stock Continues to Trade Lower: Where is The Bottom?

Global biopharmaceutical company Athenex Inc (NASDAQ:ATNX) has seen its stock record significant declines in recent days. This past week, the stock suffered from another round of selloff and declined by 5% during the week.

That took its losses for the past month to as much as 15%. While there was no specific news about the company last week, it might be useful to take a look at an announcement from the company back on July 6. The company, which is involved with the development of novel therapies for the treatment of cancer and other related conditions, announced that during the second quarter of 2021 it had held a Type A meeting with the United States Food and Drug Administration.

The meeting was in relation to the concerns that had been raised by the regulatory agency with regards to certain deficiencies in a Complete Response Letter (CRL) in February earlier on this year. The company provided the agency with more analyses and overall survival data with regards to patients across different sub groups at the aforementioned meeting. It was a significant development for the company but it did not have much of an effect on the Athenex stock price.

Market Reaction:

On Friday, ATNX stock gained 0.25% at $3.98 with more than 1.07 million shares, compared to its average volume of 5.36 million shares. The stock has moved within a range of $ 3.8900 – 4.0100 after opening the trade at $3.93. Over the past 52-week, the stock has been trading within a range of $3.6600 – 15.2400.