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Monday, November 23, 2020

Qualigen Therapeutics Inc. (NASDAQ:QLGN) Stock is Plummeting, Here is Why

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Qualigen Therapeutics Inc. (QLGN) shares are trading at lower $5.23 and the avg recommendation for the stock is Hold.

To add more color to this target, the company’s high over the last year is $30.75 and the low is $3.71. Over the last 52 weeks, QLGN is down -82.99% while the S&P 500 is down -0.42%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, QLGN reported a profit of $96000.0. Qualigen Therapeutics Inc. also saw revenues increase to $0.9 million. In addition, QLGN has free cash flow of -$2.3 million as of 06-2020. The company’s EBITDA came in at -$2.52 million which compares well with its peers.

QLGN Return on Assets is -163.10%. All told, it is clear that, QLGN needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. QLGN has a short ratio of 0.35 and outstanding shares of 34.91M.

Company Outlook

QLGN has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 2.0 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -0.63. Qualigen Therapeutics Inc. QLGN also noted assets of $8.68 million at the end of the last quarter. Investors should also keep an eye on sector updates as QLGN has historically followed its peers on positive news.

All told, Qualigen Therapeutics Inc. QLGN has strung together solid data and demonstrated underlying fundamentals. At its current valuation, QLGN represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Qualigen Therapeutics Inc. QLGN is now commanding a market cap of 108.00M and a float of 18.14M. QLGN is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of QLGN stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in QLGN, either long or short, and we have not been compensated for this article.

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