One of the most notable orthobiologics-centered biotech stocks is Bone Biologics Corporation (NASDAQ: BBLG). With the company not compliant with the NASDAQ requirements, BBLG recently effected a 30 for 1 reverse split to maintain its NASDAQ listing. Given that BBLG now has an extremely low float, BBLG stock could be set to run soon thanks to the popularity of reverse split plays.
BBLG Fundamentals
Most investors are either focused on BBLG’s spinal fusion research or its lead product NELL-1 which assists in bone regeneration and repair. However, BBLG stock is grabbing investors’ attention in the meantime for a different reason which is its recently announced reverse split.
As a result of BBLG’s 30 for 1 reverse split, its PPS is now in compliance with the NASDAQ’s minimum bid price requirement. Before the reverse split, BBLG had a float of 10 million shares which is considered a low float, divide that by 30, and the current float is estimated to be around 333.3 thousand shares, which is extremely low even among micro floats.
Many investors tend to favor low floats and micro floats as they run quicker on news and this interest could see significant buying pressure on BBLG stock. With this in mind, BBLG could be a promising short squeeze play as its cost to borrow is extremely high at 264%. For these reasons, BBLG stock could be an interesting play to watch over the coming weeks.
BBLG Financials
According to its Q1 2023 report, BBLG’s assets decreased QoQ from $8.4 million to $6.7 million which is mostly due to its cash on hand decreasing from $7.5 million to $6.1 million. On the other hand, its liabilities increased markedly from $2.5 million to $4 million.
As BBLG is still developing its products and is conducting more research, its expenses increased exponentially YoY from $36.4 thousand to $2.5 million which resulted in its net loss increasing from $689 thousand to $3.7 million
Technical Analysis
BBLG stock is in a neutral trend and is trading in a sideways channel between its support at $4.7 and its resistance at $6.15. Looking at the indicators, BBLG is trading above the 200, 50, and 21 MAs. Meanwhile, the RSI is neutral at 57 and the MACD is approaching a bearish crossover.
As for its fundamentals, BLGG stock recently affected a 30 for 1 reverse split which resulted in its float becoming 333.3 thousand only. Given the popularity of reverse split plays, BBLG could be one to watch closely this week as it could soar if there is enough buying pressure.
BBLG Forecast
BBLG is in the spotlight for a non biotech related reason thanks to its recent reverse split. Now that the stock has an extremely low float of 333.3 thousand, BBLG could be poised to run this week on enough buying pressure given the popularity of reverse split plays and low float stocks.
BBLG Fundamentals
Most investors are either focused on BBLG’s spinal fusion research or its lead product NELL-1 which assists in bone regeneration and repair. However, BBLG stock is grabbing investors’ attention in the meantime for a different reason which is its recently announced reverse split.
As a result of BBLG’s 30 for 1 reverse split, its PPS is now in compliance with the NASDAQ’s minimum bid price requirement. Before the reverse split, BBLG had a float of 10 million shares which is considered a low float, divide that by 30, and the current float is estimated to be around 333.3 thousand shares, which is extremely low even among micro floats.
Many investors tend to favor low floats and micro floats as they run quicker on news and this interest could see significant buying pressure on BBLG stock. With this in mind, BBLG could be a promising short squeeze play as its cost to borrow is extremely high at 264%. For these reasons, BBLG stock could be an interesting play to watch over the coming weeks.
BBLG Financials
According to its Q1 2023 report, BBLG’s assets decreased QoQ from $8.4 million to $6.7 million which is mostly due to its cash on hand decreasing from $7.5 million to $6.1 million. On the other hand, its liabilities increased markedly from $2.5 million to $4 million.
As BBLG is still developing its products and is conducting more research, its expenses increased exponentially YoY from $36.4 thousand to $2.5 million which resulted in its net loss increasing from $689 thousand to $3.7 million
Technical Analysis
BBLG stock is in a neutral trend and is trading in a sideways channel between its support at $4.7 and its resistance at $6.15. Looking at the indicators, BBLG is trading above the 200, 50, and 21 MAs. Meanwhile, the RSI is neutral at 57 and the MACD is approaching a bearish crossover.
As for its fundamentals, BLGG stock recently affected a 30 for 1 reverse split which resulted in its float becoming 333.3 thousand only. Given the popularity of reverse split plays, BBLG could be one to watch closely this week as it could soar if there is enough buying pressure.
BBLG Forecast
BBLG is in the spotlight for a non biotech related reason thanks to its recent reverse split. Now that the stock has an extremely low float of 333.3 thousand, BBLG could be poised to run this week on enough buying pressure given the popularity of reverse split plays and low float stocks.