Northwest Biotherapeutics, Inc. (OTCMKTS: NWBO) is at a crucial juncture after bouncing off a crucial support level following a minor correction. The stock is currently flirting with a crucial resistance level after an impressive start to the year that has resulted in a 50% a plus spike.
NWBO Price Analysis
A spike to the $0.34 level has come on huge turnover of traded shares underscoring renewed investor interest after a roller coaster 2018. As it stands, the stock could be on its way to two years given the strength of the upward momentum.
One of the catalysts that appear to be fuelling the upward momentum is a stable cash balance following the closing of UK property for $47.3 million last year. In the recent past, the company has restructured its management hierarchy with the appointment of new members to the board of directors.
Northwest Biotherapeutics has continued to fly high, pullbacks having emerged as exciting entry positions from where bulls have come in and continued to push the stock higher. The $0.35 mark is the immediate resistance level standing in the way of the stock registering a new 52-week high.
A spike to 52-week highs appears to be on the cards as the stock has bounced back on huge traded volume following a minor correction at the start of the second quarter. Conversely, failure take out the $0.35 resistance level, could result in the stock trading sideways in a $0.27 to $0.34 trading range.
What Does Northwest Biotherapeutics Do?
Northwest Biotherapeutics is a biotechnology company engaged in the development of personalized immune therapies for cancer. The company boasts of a proprietary DCVax platform that it uses to develop products for activating dendritic cells for mobilizing patients’ immune system.
Shares of Northwest Biotherapeutics have continued to register higher highs even on the management failing to issue substantial updates needed to validate long-term prospects. However, the closing of a $47.3 million financing following a property sale in the UK, means the company is well financed to oversee ongoing clinical trials as well as pursue new growth initiatives.
“We are pleased to finish out the year strongly, with the recent updated interim data from our Phase 3 trial of DCVax-L for Glioblastoma, and with this UK transaction providing a sizeable war chest of non-dilutive funding. We believe these accomplishments position us to move forward strongly in the New Year on the months of work associated with the completion of the Phase 3 trial,” commented Linda Powers, CEO of NW Bio.
With the $47.3 million financings, Northwest Biotherapeutics has confirmed plans to move forward with Phase 2 trials of its DCVax-Direct trials. The Biotechnology Company is currently investigating the use of DCVax-L on the treatment of newly diagnosed Glioblastoma.
The $47.3 million financings came on the heels of the Biotechnology Company inking a deal for aggregate financing of $5 million from long-term angel investors. The company had also reached an agreement with the Company’s CEO on the extension of Demand Notes relating to a $5.4 million funding the executive had issued the company.
In February, Northwest Biotherapeutics confirmed the appointment of David Innes as the vice president of Investor Relations. Innes joined the company with over 31 years of experience in managing portfolios at major Wall Street portfolios.
“We are pleased to have someone of Dave’s experience in the biotech investment community joining us. We see this as an important initial step in expanding our team with first-class personnel as we move toward the completion of the Phase III DCVax®-L trial for GBM and initiation of Phase II DCVax®-Direct trials. Welcome aboard Dave,” Powers in a statement.
Northwest Biotherapeutics impressive run since the start of the year faces its biggest test as it continues to flirt with one-year highs, which also appear to be a critical technical level. Given that the stock has continued to spike even on a lack of substantial news flow, a pullback from current highs could be in the offing.
The company serving groundbreaking catalysts could result in the stock taking out the immediate resistance level. Failure to breach the $0.35 level could result in the stock selling off.
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Disclosure: We have no position in NWBO and have not been compensated for this article.