Odonate Therapeutics Inc (NASDAQ:ODT) Stock Continues to Trend Lower: Down 41% in a Week

Over the past few days, the Odonate Therapeutics Inc (NASDAQ:ODT) stock has been in the middle of a bit of a meltdown and the trend remained the same on Thursday as the stock tanked by another 18% amidst a heavy selloff.

Market Stats

On Thursday, ODT stock moved down 18.45% to $1.9000 with more than 5.53 million shares, compared to its average volume of 440.28K shares. The stock has moved within a range of $1.8400 – 2.1400 after opening trade at $2.1250.

Latest News

As a matter of fact, the decline in the Odonate stock on Thursday took is cumulative decline for the past week to as much as 41%. While the losses recorded by the stock are alarming, it is also necessary to take a look at a key announcement from the company earlier on this week.

On November 17, Odonate announced that it was going to embark on a share repurchase programme. As part of this programme, the company could be buying up to 20 million share. Odonate noted that it went for this programme in order to return some cash to the company’s shareholders.

Such moves are usually highly favoured by investors and generally leads to a rally in the stock. However, that did not happen with the Odonate stock and it seems that the stock is currently stuck in a downward spiral. At this point in time, investors could keep an eye on Odonate and see if the stock eventually recovers.

Traders Corner

OEG stock is trading below the 20-Day and 50-Day Moving averages of $2.69 and $2.88 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.23. The stock is down 10% in the past month.