Qualigen Therapeutics Inc (NASDAQ:QLGN) Stock Makes a Bullish Move: Here is Why

As far as premarket action is concerned this morning, it might be fairly difficult for investors to look past the Qualigen Therapeutics Inc (NASDAQ:QLGN) stock.

Market Stats

On Monday, QLGN stock closed higher by 25.62% to $1.25 with more than 27.69 million shares, compared to its average volume of 393k shares. The stock has moved within a range of $0.9432 – 1.4000 after opening trading at $1. Moreover, the stock is up another 107% in the pre-market session.

Latest News

At the time of writing, the stock is already up by as much as 108% in premarket trading and in this context, it should be noted that yesterday, the Qualigen stock had ended the day with gains of 25%. The biotech company has come into sharp focus among investors after it announced its financial results for the third fiscal quarter on Monday. The numbers seem to have impressed investors and it is perhaps time to look into the highlights.

In the third quarter that ended on September 30, 2021 Qualigen managed to generate revenues of as much as $1.2 million. That reflected a considerable rise of as much as 38% from the revenues of $0.8 million that that company had generated in the prior year period. On the other hand, in the year up until September 30, 2021, the revenues came in at $4.2 million and the worked out to a year on year rise of as much as 30% from the prior year period. At the end of the quarter, Qualigen had cash and cash equivalents to the tune of $12.3 million.

Traders Corner

QLGN stock is trading above the 20-Day and 50-Day Moving averages of $1.12 and $1.22 respectively. However, the stock is trading below the 200-Day moving average of $1.97. The stock is up 17% in the past month.