- Skinbiotehrapeutics shares plunged 12.9% despite a lack of news.
- The move shows an influx of sellers or sell orders from shareholders.
- Read on to find out what’s next for SBTX shares.
The Skinbiotherapeutics PLC (LON: SBTX) share price plunged 12.9% despite the lack of announcements from the life science company with a focus on the skin. The lack of news from the firm indicates that an influx of sellers drives today’s move lower.
Usually, falling prices are triggered when the number of sellers of a company’s stock or other asset exceeds the number of buyers. Therefore, some shareholders have decided to sell their shares today, driving SBTX stock lower.
Also read: Best Healthcare Stocks To Buy Right Now.
However, we are not privy to the reasons behind the selling since the last significant announcement from Skinbiotherapeutics was in mid-June, when the company said that it was unaware of the reasons behind the sudden decline in its share price.
Since then, SBTX shares rallied higher but have fallen since late July, leading to today’s sudden drop. At the time, the company confirmed that it was still focused on the market and sales of its first commercial product AxisBiotix-Ps®, whose sales were much lower than expected.
Therefore, many investors expect an update from the microbiome-focused company in the coming days explaining today’s decline if there is a tangible reason behind the move. Still, there may be no solid reason behind the move.
Skinbiotherapeutics is focused on developing supplements and treatments for the skin based on the human microbiome, which consists of the genetic materials of all the microbes that live inside and on the human body.
Looking at the SBTX share price chart below, we can see that the next significant resistance level is at the 18-19p level. Investors should watch this level to see if the price will bounce off it or if it will break. A bounce and retest of the level could lead to more gains for investors.
*This is not investment advice. Always do your due diligence before making investment decisions.
Skinbiotherapeutics share price.
The Skinbiotherapeutics share price plunged 12.94% to trade at 22.20p, falling from Friday’s closing price of 25.50p.