The stock of Advaxis, Inc. (OTC:ADXS) has been relentlessly slipping down since the beginning of May. The downfall encompassed a range in which the stock fell down form $0.24 to $0.148.
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At the beginning of June, ADXS penetrated the 50-MA, which gave a strong signal that the decline will continue even more. And now, the stock is nearing another critical point, that of the 200-MA. However, this time, the zone of the 200-MA represents the value of ADXS shares before the huge spike at the end of April.
On this background, it seems ADXS is going through a slow and steady price correction which is bringing the market cap back to more reasonable market levels. This period has also been marked by a lower volume activity.[BANNER]
Yesterday, ADXS published its quarterly report for the last quarter. Typically for a development stage company, the financial report was not very encouraging. It showed a worsened current ratio, accumulated deficit and a net loss as compared to last year. The impression of the 10-Q was likely the force which prevented the stock from surging up yesterday. The market will now wait to see if the effect of the announced report will continue in the coming days as well.
