Paradigm Biopharmaceuticals Limited (ASX: PAR) is a healthcare company which is focused on repurposing a FDA approved drug; injectable Pentosan Polysulfate Sodium (iPPS), having safe history of 60+ years for treating inflammation.
Recently the company pulled off an exclusive In-License Agreement for the use of iPPS in the treatment of mucopolysaccharidoses (MPS).
On 28th May 2019, Paradigm informed that there was more than 50% reduction in pain across 205 patients with knee osteoarthritis, when the doctors treated the patients using iPPS under TGA Special Access Scheme.
Reportedly when the result of 22 patients was combined with the previous result of 183 patients, the average pain reduction of 51.3% was witnessed. Of the 205 patients, a total of 89.7% of patients responded with pain reduction while 91% noted an improvement.
The iPPS treatment being conducted on a large population of 205 with weak knee osteoarthritis, reporting 51.3% pain reduction is an achievement when compared with 15% pain reduction reported for opioid treatments of the knee and hip.
On 8th May 2019, the company reported massive reduction in Bone marrow lesions (BML) in various body sites.
On 18th April 2019, the company made an announcement on the placement issue.
Recently on 2nd April 2019, the stock made its 52-week high of A$2.149. On the same day, the stock closed more than 5% down, which was not a good indication for a up trending stock. Generally, at the 52-week highs, either the stock gives a fresh breakout, and an entirely new rally begins or many times selling kicks in and the stock price drops to consolidate or at times the stock price drops to begin a downtrend.
In the case of PAR price charts, we have witnessed selling pressure from the top, which dragged the stock price to A$1.415. The price action at the top of the trend led to the creation of one interesting bearish candlestick pattern, which pointed towards a potential downtrend.
Daily Price Chart of Paradigm Biopharmaceuticals (Source: Thomson Reuters)
At the top, Dark cloud cover candlestick pattern was spotted which a is bearish reversal pattern and has a higher credibility when it forms at the top of the prior uptrend, which was the case here.
Dark cloud cover is a two-candlestick pattern, wherein the first candle closes positive or green somewhere around the top of a trend and the second candle opens higher than the previous candle’s closing price but closes more than halfway through the real body of the first candle, which marks the pattern completion. (The real body is the coloured (green/red) area of the candlestick).
Dark Cloud Cover (Chart Source: Thomson Reuters)
As seen on the chart, post the Dark cloud cover formation the trend turned to negative, and the stock price started to decline. Currently, the stock is trading at A$1.465 (as at AEST: 2:21PM, 29 May 2019) and is just hovering above the support of A$1.41 – A$1.44.
PAR has a market capitalisation of A$277.74 million, and the stock had touched a 52-week high and low of A$2.149 and A$0.498 respectively. In the last one-year the stock has provided a return of 157.33%, and the YTD return stands at 45.78%.
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