PDS Biotechnology Corporation (NASDAQ: PDSB ) shares have fallen by about 67% on Tuesday as the company announced a strategic refocus on its PDS0301 program for metastatic colorectal cancer.
PDS0301 Metastatic Colorectal Cancer Focus
The company on Tuesday said, “We concluded that our resources should be redirected toward PDS0301, where we believe the combination of encouraging clinical data, development opportunity and capital requirements provide a potentially more attractive path to long-term shareholder value.”
“We believe the strength of the Phase 2 clinical results allows us to preserve the potential value of PDS0101 through a strategic partnership,” said PDSB CEO Frank Bedu-Addo in a letter to shareholders.
PDSB Technical Outlook: Oversold Conditions And Downtrend
The technical landscape for PDS Biotechnology shows that the stock is trading significantly below its moving averages, with the current price at 24 cents, which is about 62.5% below the 20-day simple moving average (SMA) of 69 cents.
The Relative Strength Index (RSI) is at 17.90, indicating that the stock is in oversold territory, suggesting a potential for a rebound if buying interest returns.
In terms of moving averages, the 50-day SMA is at 84 cents, placing the stock 69.1% below this level. Additionally, a death cross occurred in August when the 50-day SMA crossed below the 200-day SMA, indicating a bearish trend that may continue to pressure the stock.
PDSB Price Action: PDS Biotechnology shares were down 64.01% to $0.26 at the time of publication on Tuesday. The stock is trading at a new 52-week low, according to Benzinga Pro data .
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