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Plandai Biotechnology Inc (OTCMKTS:PLPL) And ENDEXX CORP (OTCMKTS:EDXC) Plunges, Gilead Sciences, Inc. (NASDAQ:GILD) Consolidates

On Friday’s trading session, Plandai Biotechnology Inc (OTCMKTS:PLPL) and ENDEXX CORP (OTCMKTS:EDXC) declined 10.56% and 6.54%, respectively to close the week in deep red. However, major biotech firm Gilead Sciences, Inc. (NASDAQ:GILD) managed to halt its decline and consolidated to close almost flat at $107.78.

The buzz

Plandai Biotechnology earlier disclosed that Ultimate Sports Nutrition is formulating a new line of products for both the New Zealand and Australian industry. Once again, this product line will make use of the company’s patented Phytofare® ingredient. Under the new deal, the USN can explore the uses of the Phytofare® component with other leading contract manufacturers. It intends to use Phytofare® as an exclusive green-tea complex in supplement goods in the EU and South Africa. The extended deal with USN is of prime importance for Plandai as USN is a known nutrition and health supplement company, with a huge market share in sports nutrition industry globally.

ENDEXX reported that its wholly owned subsidiary unit GreenLeaf Consulting led a flourishing bid for a women owned firm known as ‘Etain’ in New York. The enterprise comes in the list of five firms from 43 applicants that were approved a license to dispense and grow medical marijuana in the New York state. Joseph Stevens, the President and Founder of GreenLeaf said that he is proud of Etain as they are a strong group of women inspired by and dedicated to providing the best services to the patients in the state of New York. He added that associating with Etain has been rewarding and they plan to support them in the future ahead.

Coming to major biotech firms, between July 31, 2015 and August 14 settlement dates, the count of shares short in emerging pharmaceutical and leading biotech stocks was mixed. Short sellers were particularly drawn to Gilead Sciences, Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) and Biogen Inc (NASDAQ: BIIB) in those two weeks.

Published by Steve Hackney

Steve Hackney is a corporate finance professional with over 14 years of experience in cash management and investing. He earned a Bachelor of Science in Finance from Florida State University and holds a Certified Treasury Professional certification. Steve lives in Orlando, Florida with his family.

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