Pharmagreen Biotech Inc (OTCMKTS:PHBI) Stock Falls 30% In a Week: But Why?
It has been a pretty harrowing time for Pharmagreen Biotech Inc (OTCMKTS:PHBI) investors in recent days and that can be gauged from the fact that the stock has tanked by as much as 30% over the course of the past week.
Market Stats
On Thursday, PHBI stock moved up 0.48% at $0.0211 with more than 358k shares, compared to its average volume of 1.66 million shares. The stock has moved within a range of $0.0202 – 0.0220 after opening trading at $0.0220.
Phramagreen Targets Making Its Chibafreen Propriety Technology A Cannabis Industry Standard
Yesterday, the company was in the news once again after Peter Wojcik, the Chief Executive Officer of Pharmagreen, provided another management update. Not too long ago the company had provided an update with regards to the ways in which it could unlock the value in the company’s intellectual property into real world revenues. On Thursday, the CEO provided further updates with regards to the same.
Wojcik stated that the strategy of the company to turn its intellectual property into a revenues generating stream is going to be based on the sort of talent Pharmagreen possesses on the executive level. In the update it was also noted that the company has now managed to build a talented team of executives who can now help Pharmagreen in bringing about a massive transformation in the cannabis cultivation industry through its proprietary tissue culture process. The company seeks to make it the standard when it comes to the grow operations of the cannabis industry.
Traders Corner
PHBI stock is trading below the 20-Day and 50-Day Moving averages of $0.0231 and $0.0258 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0253. The stock is down 22% in the past month.
