Gelteq Ltd. (NASDAQ:GELS) shares jumped 69.25% in after-hours trading to $1.41 on Tuesday after the company reported positive preclinical results for its cannabinoid oral gel delivery platform.
Check out the current price of GELS stock here.
Study Shows Enhanced CBD Bioavailability
The Melbourne-based company reported that its proprietary oral gel platform achieved a greater than 22% increase in the bioavailability of cannabidiol compared with an existing Food and Drug Administration-approved oil-based product, according to a Tuesday announcement.
According to Gelteq, the formulation demonstrated higher peak exposure despite containing lower cannabidiol concentrations.
Australian Special Access Scheme Entry Planned
The clinical-stage company stated that the results create a pathway for market launch through Australia’s Special Access Scheme, which allows authorized healthcare practitioners to prescribe medicinal cannabis products without undergoing the full Therapeutic Goods Administration approval process.
Gelteq said this could enable earlier patient access and faster market entry.
Partnership Opportunities Cited
Gelteq also stated the study results could allow partnerships with medicinal cannabis companies without additional studies, potentially speeding up licensing, white-label manufacturing, and co-development of cannabinoid products, including CBD, THC, and combination formulations.
Trading Metrics, Technical Analysis
The biotechnology company has a Relative Strength Index (RSI) of 41.92.
Gelteq has a market capitalization of $8.95 million, with shares trading between a 52-week high of $4.11 and a 52-week low of $0.67.
The stock is currently down 58.76% over the past 12 months, reflecting a longer-term bearish trend, though recent gains suggest investors should watch for potential signs of recovery.
Price Action: According to Benzinga Pro data, GELS closed at $0.83 on Tuesday, up 6.44%.
The stock is currently trading at about 4.65% of its 52-week range, near its yearly low, suggesting that despite short-term bullish signals, the longer-term trend remains weak.
Benzinga’s Edge Stock Rankings indicates GELS stock has a negative price trend across all time frames. Track the performance of other players in this segment.
Photo: Sittipong Phokawattana from Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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