Malachite Innovations Inc (OTCMKTS:MLCT) Stock Sees Bearish Trend: Falls 18% In a Week

The Malachite Innovations Inc (OTCMKTS:MLCT) has been under selling pressure for quite some time and there was no reversal of that trend yesterday as the stock tanked by another 8% for the day. That decline took the losses for the past week to as much as 18%.

Market Stats

On Tuesday, MLCT stock ended lower by 8% to $0.2945 with more than 68.67k shares, compared to its average volume of 36.7k shares. The stock has moved within a range of $0.2660 – 0.3200 after opening trading at $0.2660.

Malachite Innovations Announces Two Granted U.S. Patents and New Pct Patent Filing

Yesterday, the company was in the news once again after it made an announcement with regards to Graphium Biosciences, its fully owned medicine development subsidiary. Malachite announced yesterday that Graphium had been awarded a total of two patents by the United States Patent and Trademark office.

The two patents are for the company’s CBD glycoside prodrug. In addition to that, the company also noted that Graphium had also filed another patent under the provisions of the Patent Protection Treaty for the unique manufacturing procedure that is deployed for the development CBD glycosides.

While it is true that the announcement from the company with regards to Graphium was an important one, it did not lead to any boost for the Malachite stock. It now remains to be seen if the stock can manage to make a recovery and bounce back any time soon over the course of the coming days.