Qualigen Therapeutics Inc. [NASDAQ: QLGN] stock went on an upward path that rose over 16.22% on Thursday, amounting to a one-week price increase of more than 8.10%. The company report on January 26, 2021 that Qualigen Therapeutics Announces Completion of Milestone Related to the License and Technology Transfer of its FastPack® Diagnostics Products in China.
Qualigen Therapeutics, Inc. (Nasdaq: QLGN), a biotechnology company focused on developing novel therapeutics for the treatment of cancer and viral diseases, announces achievement of a milestone event which triggered a payment obligation from Yi Xin Zhen Duan Jishu (Suzhou) Ltd. of Suzhou, China (Yi Xin) to Qualigen. The milestone event pertained to the initiation of technology transfer of Qualigen’s core FastPack® System, a rapid and highly accurate immunoassay testing system consisting of the FastPack Analyzer and the FastPack single-use, disposable test pouch.
Under the terms of an agreement announced in October 2020, Yi Xin will develop, manufacture and sell new generations of diagnostic test systems based on Qualigen’s core FastPack® “laboratory in a pouch” technology, which includes high throughput diagnostic systems. In addition, Yi Xin will have the rights to manufacture and sell Qualigen’s current generations of rapid point-of-care FastPack diagnostic products in China. The agreement called for net cash payments to Qualigen in the fourth quarter of calendar 2020 and the first quarter of calendar 2021 totaling in the mid- to high-hundreds of thousands of dollars, and Qualigen is also eligible to receive low- to mid-single-digit royalties on net sales.
Over the last 12 months, QLGN stock dropped by -37.83%. The average equity rating for QLGN stock is currently 2.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $108.82 million, with 26.71 million shares outstanding and 21.15 million shares in the current float. Compared to the average trading volume of 1.45M shares, QLGN stock reached a trading volume of 6916172 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Qualigen Therapeutics Inc. [QLGN]:
The Average True Range (ATR) for Qualigen Therapeutics Inc. is set at 0.27, with the Price to Sales ratio for QLGN stock in the period of the last 12 months amounting to 64.01.
QLGN Stock Performance Analysis:
Qualigen Therapeutics Inc. [QLGN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 8.10. With this latest performance, QLGN shares gained by 18.35% in over the last four-week period, additionally sinking by -34.18% over the last 6 months – not to mention a drop of -37.83% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for QLGN stock in for the last two-week period is set at 63.49, with the RSI for the last a single of trading hit 70.41, and the three-weeks RSI is set at 58.45 for Qualigen Therapeutics Inc. [QLGN]. The present Moving Average for the last 50 days of trading for this stock 3.44, while it was recorded at 3.46 for the last single week of trading, and 5.22 for the last 200 days.
Insight into Qualigen Therapeutics Inc. Fundamentals:
Qualigen Therapeutics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.70 and a Current Ratio set at 0.80.
QLGN Stock EPS
With the latest financial reports released by the company, Qualigen Therapeutics Inc. posted -7.75/share EPS, while the average EPS was predicted by analysts to be reported at -12.25/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 36.70%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for QLGN.
Qualigen Therapeutics Inc. [QLGN] Insider Position Details
There are presently around $3 million, or 3.20% of QLGN stock, in the hands of institutional investors. The top three institutional holders of QLGN stocks are: BLACKROCK INC. with ownership of 314,126, which is approximately 54247.059% of the company’s market cap and around 0.10% of the total institutional ownership; VANGUARD GROUP INC, holding 305,951 shares of the stock with an approximate value of $1.18 million in QLGN stocks shares; and GEODE CAPITAL MANAGEMENT, LLC, currently with $0.26 million in QLGN stock with ownership of nearly New of the company’s market capitalization.
14 institutional holders increased their position in Qualigen Therapeutics Inc. [NASDAQ:QLGN] by around 800,287 shares. Additionally, 5 investors decreased positions by around 72,672 shares, while 3 investors held positions by with 34,120 shares. The mentioned changes placed institutional holdings at 838,839 shares, according to the latest SEC report filing. QLGN stock had 10 new institutional investments in for a total of 466,409 shares, while 4 institutional investors sold positions of 70,669 shares during the same period.