Neptune Wellness Solutions Inc (NASDAQ:NEPT) Stock Continues to Fall: Down 35% in a Month
The plant based diversified health and wellness firm Neptune Wellness Solutions Inc (NASDAQ:NEPT) saw its stock come into the middle of a bit of a selloff on Tuesday and decline by as much as 6%.
The fall in the stock price may have come as a bit of a surprise for many considering the fact that on Tuesday the company announced the initial launch of products under the Sprout Organic Foods brand in the Canadian market. The products are going to be made available at the Metro grocery outlets located in the province of Ontario. In this particular launch, the toddler snacks product from Sprout Food has been launched which includes four new SKUs.
It was also announced that later on in the summer, Neptune Wellness Solutions is going to expand its range of offerings at the Metro outlets and bring in four more SKUs under the Crinklez brand of toddler snacks. It is clear to see that the announcement from the company was a positive development, but id d not seem to impress investors and the Neptune Wellness stock suffered from a selloff. It is now going to be interesting to see if the stock can manage to make a recover today.
Market Reaction:
On Tuesday, NEPT stock fell 6% at $0.7565 with more than 1.04 million shares, compared to its average volume of 2.07 million shares. The stock has moved within a range of $0.7552 – 0.8080 after opening the trade at $0.80. Over the past 52-week, the stock has been trading within a range of $0.7300 – 3.6000.
