is rated an immediate buy at the open the morning of July 20, 2022, due to its release of the very good news that it is to receive substantial UK government funding for one of its key trials and because the stock has shown marked technical improvement in recent weeks following a severe downtrend.
This announcement of UK government funding, which will be to the tune of 66% of the costs, is unusual because it marks the first time ever that a Phase 3 psychedelic trial has ever received government funding, and the reason for this appears to be that the treatment under development addresses alcohol addiction which is a big problem in the UK.
Awakn was the subject of an email alert yesterday that read as follows…
”Awakn Life Sciences Corp.
Awakn Life Sciences Corp. mentioned some days ago, is a strong buy here after its reaction back of recent days on light volume. An article about it will be posted on the site later.
Awakn Life Sciences Corp, AWKN.CSX, AWKNF on OTC, trading at CA$0.71, $0.533 at 9.55 am EDT. The stock trades in light but reasonable volumes on the U.S. OTC market.”
Turning to the stock chart, there is only about 13 months’ stock history, so our chart doesn’t need to go back much further than that.
On the chart, we see that after it started trading it trended gently higher for several months before a top formed from November through January after which it went into a severe downtrend, not helped of course by the malaise afflicting the market as a whole.
However, upside volume started to kick in the middle of last month before the price hit bottom at the end of the month and this was followed by the price/volume pattern turning much more bullish this month with a sizeable rally on persistent good volume during the first week and a little more of this month followed by a modest reaction back on much lighter volume that has brought it back to what is believed to be a good “buy spot” although obviously the good news out this morning may cause it to gap higher.
Nevertheless, because this news only came out at 7:30 am this morning, many potential buyers of the stock, especially those who tend to sleep in, will not be aware of this, so it seems likely that we will see follow-through buying as the day wears on, which is why those who are interested should aim to buy the stock as soon after the open this morning as possible.
In conclusion, Awakn Life Sciences is believed to be about to reverse to the upside and break out of the downtrend shown on our chart, and it is rated an Immediate Speculative Buy today as soon after the open as possible.
Note that Awakn trades in light but acceptable volumes on the U.S. OTC market and these volumes should improve once a rally gets underway.
More background information may be read about the company in Biotech Co.’s Phase III Trial First To Get Grant and this article includes some other analysts’ price projections for the stock.
Awakn Life Sciences Corp website
Awakn Life Sciences Corp. closed at CA$0.70, $0.54 on July 19, 2022.
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