HCW Biologics Inc. (NASDAQ:HCWB) stock traded lower on Tuesday. Investors are locking in profits following a massive 262% surge in the stock price during the previous week.
Despite the recent pullback, the biotechnology stock remains higher overall.
Retail Investors Take Profits
The primary driver behind Tuesday’s decline is profit-taking. Traders are capitalizing on recent exponential gains.
HCW Biologics shares previously fell in Monday’s session. This downward pressure continued into Tuesday.
Broader market sentiment also weighed on equities, as Nasdaq futures are down 0.75% while S&P 500 futures have shed 0.41%.
Strong Q1 Financial Results
The initial rally started after strong first-quarter financial results.
For the first quarter, HCW Biologics reported earnings per share of 37 cents. Quarterly sales reached $6.54 million, an increase from the $5,06 millions a …
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