Shares of the PharmaCyte Biotech, Inc. (PMCB) stock were gloomy in the intraday session today on October 27, 2021. PMCB stock price saw a decline of 9.21% to drop at $2.86 a share at the time of this writing. The stock was performing well in the previous trading session and went up by 15.81% at closing.
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PharmaCyte Biotech, Inc is the biotech stock that develops and commercializes cellular treatments for diabetes and cancer in the United States of America. The company’s cellulose-based live-cell encapsulation technology is intended for the treatment of pancreatic cancer as well as diabetes. PMCB stock having a market cap of $65.253 million was founded in 1996 and is headquartered in Laguna Hills, California.
There is no major culprit associated with the falling per share price of the PMCB stock so far. We find no recent news or announcement by the PMCB stock to justify the bearish sentiment. Sometimes analysts’ downgrades result in a decrease in the per-share price of the stock, but this is not the story for this case. It seems that profit-takers have stepped in after the recent rise of this stock. So, what do you need to know at this point? Here are the recent events of PMCB stock.
Encapsulation Material Does not change cellular DNA, Says PMCB stock:
A month ago, PMCB stock released the further results taken from the third test of biocompatibility of CypCaps™ product candidate intended for pancreatic cancer. According to the results, the empty capsule material was not “mutagenic”. A mutagen being physical in nature is the chemical agent that permanently alters the genetic material in an organism. It increases the mutation frequency above the natural background level.
FDA-Required Biocompatibility Tests:
On September 21, 2021, PMCB stock released the results taken from the second U.S. Food and Drug Administration (FDA)-a required test of biocompatibility of its CypCaps™ product for pancreatic cancer. The results reflected that empty capsule material was “non-homolytic”. The capsule material did not lyse the blood cells after direct or indirect contact with the blood. The study confirmed the previous data that was taken from animal models and previous clinical trials.
PharmaCyte stock is facing a hard time as far as market sentiment is concerned but and no one knows how long it will persist. The company’s product candidate, CypCaps has shown positive and expected results so far. The management is confident that the encapsulation material used for the CypCaps is biocompatible and safe.