Enzolytics Inc (ENZC) Stock Continues to See Selling Pressure: Where is The Bottom?
There have been many small cap stocks which have made considerable gains this year and one of the more notable ones in that regards is the Enzolytics Inc (OTCMKTS:ENZC) stock.
The Enzolytics stock was on the move yesterday and jumped by 13% to takes its gains over the course of the past week to as much as 25%. Although the gains made by the stock are certainly eye-catching, it is also necessary for investors to remember that the rally in the stock might be related to an announcement made by Enzolytics back on June 14. The company announced at the time that it has created definite plans by way of which it wants to take its ITV-1 anti-HIV therapy to clinical trials.
In addition to that, plans have also been made with regards to the distribution of the product in Europe. More importantly, the company also expects to generate considerable revenue from this product and hence, the excitement around the Enzolytics stock is perhaps understandable. In this regard, it should be pointed out that the product had been progressing towards a certification under the control of the Bulgarian Drug Agency.
Although that process was discontinued, it is necessary to note that there was considerable progress made and in addition to that, positive results had also emerged from clinical trials of patients. The positive results from the discontinued trial have given Enzolytics the confidence that the clinical trials it has planned under the control of the European Medicines Agency are going to be successful.
Exela Technologies (NASDAQ:XELA) Stock Goes Parabolic: Are You Excited?
One of the stocks that made a surprising upwards move on Tuesday was that of Exela Technologies (NASDAQ:XELA) and the stock has continued in the same vein in premarket trading this morning.
Yesterday, the stock had soared by as much as 60%, and this morning, it has rallied by 20% in premarket trading as investors continued to pile on to it. The latest rally in the stock must be a welcome move for many investors who have seen the stock stuck in consolidation mode for many weeks. More importantly, the Exela stock has a track record of big moves, having managed to hit a peak of $7.82 a share in March. However, since then the stock corrected sharply.
One of the major reasons behind the latest rally in the stock is the fact that it seems that Exela has been identified as a possible short squeeze candidate by many retail voters. The numbers do make sense as well. At this point in time, the stock has a short volume ration of 25% and the considerably low price is another reason why many might feel confident enough to work on a short squeeze.
There have been many such moves on penny stocks this year and it would not come as a major surprise if it happens with the Exela stock. However, it should not be forgotten that on Tuesday, the company had also announced that its robotic process automation platform EON had been rolled out by a pretty large health insurance company.