Why This Low Float Biotech Stock Looks Ripe for Another Big Breakout
After soaring over 500% in under a week, this tiny float biotech stock could be gearing up for another large move, according to its technical chart.
Shares of Quantum BioPharma (NASDAQ: QNTM) (CSE: QNTM) (FRA: 0K91) (Upstream: QNTM), an up-and-coming biotech stock with a tiny float, that we initially alerted our readers about on November 26th, 2024, experienced an epic breakout over the past week.
Catalyzed by the successful clinical trial results of the company’s groundbreaking Alcohol Detox Drink unbuzzd, Quantum BioPharma stock skyrocketed as much as 505% from February 3rd to February 6th on massive trading volume.
A contributing factor to Quantum BioPharma’s massive surge is the company’s tiny outstanding share count and public float of 1.93 million and approximately 1 million shares, respectively.
On the first day of the breakout, QNTM stock traded over 600X its average daily volume (ADV) and turned over its float 78 times.
Before moving on, we’d like to congratulate all our readers who took action following our November alert and profited on QNTM.
For those who missed out, don’t worry. According to QNTM’s technical stock chart, another big breakout could be in the works. If you look at the QNTM chart below, you can clearly see the formation of a bull pennant pattern.
In technical analysis, bull pennants and flags are continuation chart patterns that often form during the consolidation period after a significant upside move followed by another breakout and the continuation of the uptrend. During the consolidation period in which the pennant pattern forms, volume typically drops substantially before spiking again upon another breakout.
All factors considered, Quantum BioPharma’s tiny float and proven potential to go on big runs, combined with the myriad of potential upcoming catalysts that could come from work being done on its clinically proven alcohol detox drink, unbuzzd, Phase 1 clinical trial for its MS drug, Lucid-21-302, as well as its $700 million lawsuit against several Wall Street big banks, make QNTM a must-watch stock.
That said, it would be wise to add Quantum BioPharma to your trading watchlists immediately.
View Quantum BioPharma Interactive Stock Chart on Barchart
Read Next: Why This Small Biotech Stock Could Be Primed for a Breakout
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