Vallon Pharmaceuticals Inc (NASDAQ:VLON) Stock Sees Bullish Action On Huge Volume
A stock recording enormous gains despite there being no news about the underlying company is not a particularly uncommon phenomenon.
Market Stats
On Tuesday, VLON stock closed higher by 81.50% to $7.30 with more than 27.49 million shares, compared to its average volume of 214K shares. The stock has moved within a range of $4.08 – 8.54 after opening trading at $4.08. However, the stock is down another 27% in the pre-market session.
Earnings Recap
However, when the gains are enormous then it is perhaps time for investors to take notice. Something of this nature happened with the stock of the clinical stage biopharmaceutical firm Vallon Pharmaceuticals Inc (NASDAQ:VLON) on Tuesday. Although there was no news at all about the company, the stock attracted the attention of investors in a big way and it ended the day with gains of as much as 81% amidst heavy interest.
In this situation, investors could consider taking a look at the last news that may have emerged about the company and in case of Vallon it was on November 12. On that day, the company announced its financial results for the fiscal quarter that had ended on September 30, 2021.
The company suffered net losses of $1.3 million for the quarter. On the other hand, the research and development related expenses dropped to $0.2 million from $0.7 million in the prior year period. At this point, it might be a good move for investors to keep track of any fresh news that might emerge about Vallon.
Traders Corner
VLON stock is trading above the 20-Day and 50-Day Moving averages of $5.19 and $5.96 respectively. Moreover, the stock is trading above the 200-Day moving average of $5.31. The stock is up 52% in the past week.
