Cellect Biotechnology Inc (NASDAQ:APOP) Stock is In Strong Uptrend: Now What?
The biotech sector has thrown up many winners in the stock market over the years and if you are currently on the hunt for stocks from the sector, then it could be a good idea to look into the Cellect Biotechnology Inc (NASDAQ:APOP) stock.
The stock has been in the middle of a strong move over the course of the past week and managed to deliver gains of as much as 25% during the period. There has been no new about the company over the past week that might have triggered this rally. However, back on June 30, Cellect had announced that, along with Quoin Pharmaceuticals, it had submitted a proxy statement or prospectus to the United States Securities and Exchange Commission.
The proxy statement is in relation to a merger with Quoin. A potential merger could be a major milestone for the company and that might have been the reason behind the rally in the stock over the past week. Quoin is a pharmaceutical company and specialises in the development of products meant for orphan and rare conditions.
The company boasts of a leadership team made up of some of the seasoned professionals from the industry and a merger with Cellect could prove to be a game changer.
Market Reaction:
On Wednesday, APOP stock moved up 6.51% at $4.09 with more than 1.93 million shares, compared to its average volume of 1.80 million shares. The stock had moved within a range of $3.8300 – 4.4200 after opening the trade at $3.83. Over the past 52-week, the stock has been trading within a range of $1.6500 – 7.1500.
