Despite both companies having a relatively positive past couple of months, InMed Pharmaceuticals (CNSX:IN) (OTCMKTS:IMLFF) and Glance Technologies (CNSX:GET) (OTCMKTS:GLNNF), both of which are labeled as application software stocks, plunged on the CNSX market Tuesday, with one down more than 10% at the time of writing.
Neither company has released any new information regarding its business since January 4th, therefore there is no direct explanation for either stock declining today and making it onto the CNSX exchange top losers of the day list.
In fact, the entire lead up to today’s trading session was quite positive for both companies, considering InMed Pharmaceuticals reached a new 52-week high on January 2, and announced on January 4 that it had closed its non-brokered private placement, which had been previously announced, for gross proceeds of C$9.4M. Meanwhile, Glance Technologies, which is based in Vancouver, Canada, announced on December 6 that it had finalized its acquisition of BlockImpact, a cryptocurrency technology, and disclosed on January 4 that it’s subsidiary, which is partially owned, signed a revenue deal of $4M.
Regardless, both application software stocks are seeing red today, with InMed Pharmaceutical, at the time of writing, trading at $1.87, which puts the stock down $0.27, or 12.62%, and Glance Technologies trading at $1.91, thus putting the stock down $0.10, or 4.98%.
Now that we have entered into the new year, there are a number of investors looking for new sectors and stocks to add to their investment portfolio. However, based on today’s trading session, it will be interesting to see whether or not investors will stay away from application software stocks in general or just these two companies.
Personally, I wouldn’t completely discard these two companies just yet, considering a stock can increase just as fast as it can decline.
Featured Image: twitter