Hi slick … rough day here :/
And I read the reason the technicals are unloading in (Motley from James Mickleboro ) as Imugene Ltd (ASX: IMU) The Imugene share price is down over 4% to 4.25 cents. This morning, the clinical stage immuno-oncology company released its quarterly update.
Given that it is pre-revenue, Imugene was loss-making during the three months.
The release reveals that it burned through a lot of cash during the quarter, which reduced its cash reserves from approximately $93 million to $54 million.
It estimates that it has 2.3 more quarters of funding available.
I suppose on a fundamental level the question of how useful that cash spend has been in respect of turning the price
around in the near future?
And being non expert at TA, but having enormous admiration for those who can read the lines and tides of regression lines and hold points et al I looked back at the early charts here from @Saragian in 2019 and wonder if 2.8c ( see line in sand; https://hotcopper.com.au/posts/41439169/single)
…. is still a relevant catch point to your
reading, seeing as IMU closed under 4.4c today on huge volume ..
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