I'm not so sure about that. This was trending lower for a long time before flat-lining through September. It then had a big move in Early October on news which unfortunately coincided with the beginning of the correction in the US markets. That correction in the US helped drag this back from 15c to 11c in mid October. Then the Nasdaq bounced and this rapidly rebounded to a new recent high of 17.5c just as the Nasdaq resumed its correction bringing RAC back down with it. The chart below shows that correlation from early October. That might be the main reason for the selling into strength as some perhaps anticipated that the correction in the Nasdaq was going further.
Based on the chart, this looks more likely to rebound to at least 13-15c as soon as the US markets begin to rebound again and perhaps loose some of their volatility which appears to be scaring the crap out of investors right now. I don't think we need news to get back up to 15c, we just need markets to stop correcting and begin to recover.
The Nasdaq has now corrected more than 10% and so we now have a classic October correction. What we need now, more than news flow, is this correction to end and then see a typical rally into Christmas. I'd expect that would see this move much higher in anticipation of news on funding and trials based on the new deal announced early this month.
The news that got this moving in early October;
"1 October 2018: Race Oncology Limited (‘RAC’is pleased to announce that it has executed an agreement with Mr Tom Lee to assist RAC with partnering and funding opportunities in the US, with a focus on Houston, Texas.
Mr Lee is well-connected to the MD Anderson Cancer Center and other institutions, opinion-leaders and investors in Texas. Under the initial 12-month agreement, Mr Lee will be engaged to:
• Make introductions to opinion leaders and clinical trial groups at MD Anderson Cancer Center, including pursuing funding opportunities for Bisantrene clinical trials
• Make introductions to potential investors for Race
• Make introductions to potential licensing and M&A partners
• Explore Texas grant and other non-dilutive funding opportunities for Race."
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Last
$1.65 |
Change
0.050(3.13%) |
Mkt cap ! $281.1M |
Open | High | Low | Value | Volume |
$1.63 | $1.70 | $1.52 | $318.0K | 193.7K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 496 | $1.65 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.70 | 5484 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 496 | 1.650 |
1 | 22586 | 1.645 |
1 | 200 | 1.640 |
1 | 17732 | 1.630 |
1 | 25000 | 1.550 |
Price($) | Vol. | No. |
---|---|---|
1.700 | 5484 | 2 |
1.720 | 581 | 1 |
1.745 | 12136 | 1 |
1.750 | 26309 | 3 |
1.755 | 990 | 1 |
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