The stock market is an extremely volatile place. The latest to be reminded of this is United States-based biotech company, Daxor Corporation (NYSEAMERICAN:DXR). What happened?
Daxor Corporation: What Happened This Week?
For those who don’t know, Daxor Corporation is a company involved in the biotechnology sector. Founded in 1970, Daxor is known primarily for providing medical personnel with original medical equipment. Last week, things appeared to be looking quite positive for Daxor Corporation. The New York City-based company closed up 71.16% on Thursday, March 15, after Mayo Clinic reported new positive findings of Daxor’s precision blood volume analysis.
The Announcement That Sent the DXR Stock Flying
Mayo Clinic’s announcement was made at the American College of Cardiology’s 67th Annual Scientific Session & Expo 2018. According to the physician-researchers of Mayo Clinic, Daxor Corporation’s precision blood volume analysis has the ability to cut heart failure readmissions by 56% and mortality by more than 80%. Unsurprisingly, this news caused Daxor Corporation to reach a new high of $21.66 on almost 18.6 million shares traded.
However, what is surprising is that a mere five days later, Daxor Corporation has found itself being labeled as one of the worst stocks on Tuesday trading day.
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What Happened Tuesday?
Today, Daxor Corporation ended the trading day seeing red and is continuing to drop in after-hours trade. Why? That’s a good question, but it’s one that I can’t answer because no one really knows what caused the stock to plunge nearly 15% today. Neither Daxor nor Mayo Clinic announced anything today that is related to the biotech company or its precision blood volume analysis, but the stock still ended the session trading at $11.85 on the NYSE America Exchange. This puts the stock down $1.85, or 13.50%.
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