Outlook Therapeutics, Inc. [NASDAQ: OTLK] premarket update today, on the first day of trading this week, shows that the stock is not only in the green but also still bullish and very active premarket. In the premarket update published by StockWatch247 last week on OTLK, the stock was easily one of the Top performers on the market. As previously mentioned, OTLK began the journey of breaking barriers following excitement associated by Oppenheimer analyst Leland Gershell prediction that gave the stock a $12 target in the short-term. OTLK has been on a technical chart breakout the past several days and has outperformed most IPOs.
The stock rallied incredibly on Friday last week adding more than 37% (Nasdaq summary quote) to its value. Moreover, OTLK broke above the $1.00 market in turn opening the door for gains that not only touched $2.00 but also recorded highs around $2.72. According to the real-time quote by Nasdaq, Outlook Therapeutics, Inc. closed the market last Friday up 44.44% after a relative change of +0.68.
Besides, it had an NLS volume of 33,568,085. On the very day, the stock ascended to intraday highs of $2.72 compared to its 52-week high at $10.96. Significantly, closed above its 52-week low ($0.85) at $1.63. Previously, OTLK had closed the session at $1.53 in addition to having a share volume of 76,650,653 and a 50-day average daily volume of 1,641,629. The rapidly growing biotechnology company currently has a market capitalization of $24,701,250.
The ballistic move last Friday has been directly linked to high trading volume catalyzed by fresh interest in the stock. Currently, Outlook Therapeutics is working on a new formula that will see it device treatment for wet age-related macular degeneration.
Consequently, the gains come after the company released business highlights as well as the financial report for the Q2 for the fiscal period ending March 31, 2019. In the highlights Outlook Therapeutics has the FDA accepted while the activation for the IND ONS-5010 application already started. It has commenced the ONS-5010-002 Phase 3 testing. In addition, its IPO that raised $28.4 million had been completed successfully. Lawrence A. Kenyon, President, the CEO and CFO said in regards to the highlights:
“We are pleased with the progress being made in both of our Phase 3 clinical trials for ONS-5010 thus far in 2019, which includes the FDA’s acceptance of our IND for ONS-5010 and the initiation of our second Phase 3 trial. The two studies remain on track with our plan to submit ONS-5010 for regulatory approval in multiple markets in 2020.”
“The financing we secured in the equity offering announced in April has provided us with the capital needed to complete enrollment in our two Phase 3 clinical trials. This was an important step in our strategy and to maintain the positive momentum behind our clinical development program for ONS-5010.”
[NASDAQ: OTLK] Technical Picture
Looking at the 15-minutes chart, we see an asset that is still in a bullish momentum pre-market trading on Monday May 20. The stock is trading above the 61.8% Fib level support taken between the last swing high at $2.72 and a low of $0.89. The RSI is in an upward is pointing upwards while the MACD is still in the positive region in spite of the change of direction towards the mean level (0.0). Moreover, the stock is still enjoying support from the 200 SMA 15’ in addition to the ascending trendline support.