In recent days, the Kaival Brands Innovations Group Inc (NASDAQ:KAVL) stock has been in the middle of a remarkable rally and it continued on Wednesday as the stock soared by as much as 27% amidst heavy interest.
On Wednesday, KAVL stock soared 26.67% to $1.90 with more than 42.03 million shares, compared to its average volume of 3.01 million shares. The stock moved within a range of $1.5296 – 2.2800 after opening trade at $1.53.
Bidi Vapor Wins Judicial Stay of FDA’s Marketing Denial Order
The rally that was seen in the stock on Wednesday took the gains made by the Kaival Brands stock to as much as 150% over the course of the past week. In light of such enormous gains, it may be a good time for investors to perhaps take a closer look at some fresh development. The company is currently best known for being the worldwide distributor of products which are manufactured by BidiVapor LLC.
Earlier on in the month on February 3, the company had announced that a judicial stay had been granted by the United States Court of Appeals for the Eleventh Circuit on the marketing denial order on BidiVapor.
The market denial order had been placed by the United States Food and Drug Administration back in September last year. The stay on the order was a significant development since the company will now be able to market the product once again. It may be a good time to start tracking the stock.
KAVL stock is above the 20-Day and 50-Day Moving averages of $1 and $0.87 respectively. However, the stock is trading above the 200-Day moving average of $5.36. The stock is up 144% in the past month.