BLTSW & QLGN consolidate after explosive runs

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Company Snapshot

Company Name: Bright Lights Acquisition Corp.

Ticker: BLTSW

Exchange: NASDAQ

Website: https://www.brightlightsacquisition.com/

Company Summary:

Bright Lights is a blank check company that was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Bright Light’s efforts to identify a prospective target business are not limited to a particular industry or geographic region, but Bright Lights intends to focus on businesses operating in the consumer products and media, entertainment and sports sectors. t 

Why did it go up over 100%?

MANSCAPED, a leader and pioneer in men’s grooming, has entered into a definitive business combination agreement with Bright Lights Acquisition Corp.

What does MANSCAPED do?

Founded by Paul Tran in 2016, San Diego, California-based MANSCAPED™ is the leading men’s lifestyle consumer brand and male grooming category creator trusted by over four million men worldwide. The product range includes a diversified line of premium tools, formulations, and accessories that are intelligently designed to introduce a whole new self-care routine for men.

5 Day Chart

Technical Overview

We like it! It jumped over 30% on acquisition news and had a moderate retrace and showed bullish tendency by midday and after market trading was very bullish reaching a new high. Be very careful in premarket buying, if it is crazy action we advise you to wait for a sell off at the bell and then make a decision on the trade based on a new pull back low in regards to the previous lows of Tuesday. As long as the lows are continuously higher than the last lows, this appears to be a stable play. 

Company Snapshot

Company Name: Qualigen Therapeutics, Inc. 

Ticker: QLGN

Exchange: NASDAQ

Website: https://www.qualigeninc.com/

Company Summary:

Qualigen is a biotechnology company focused on the development of novel therapeutic products for the treatment adult and pediatric patients with rare cancers, as well as expansion of its flagship FastPack® diagnostic platform. 

Why did it go up over 100%?

On November 15, 2021, Qualigen Therapeutics, Inc. (NASDAQ:QLGN) announced financial results for the third quarter of 2021. The company reported $1.2 million in revenues for the third quarter of 2021, compared to $0.8 million for the three months ending September 30, 2020. The increase was primarily due to a recovery from the effects of the COVID-19 pandemic. The cost of product sales in the third quarter of 2021 were $1.0 million, or 86% of net product sales, compared to $0.9 million, or 110% of net product sales, for the three months ending September 30, 2020. The increase was primarily due to higher unit volumes of product sales, and the improvement in gross margin percentage was due primarily to economies of scale.

5 Day Chart

Technical Analysis

We have seen a strong bullish tendency since the news and has been consolidating around $2.50 since the 150% increase. The stock is performing well with strong technicals and fundamentals. We believe in waiting until a strong definitive signal is clear until a decision is made in regards to the future movement of this stock. It’s consolidating and looks like it could still run but until it breaks out of the consolidation trend, trade carefully with stop orders.