Elite Pharmaceuticals Inc (OTCMKTS:ELTP) Still Has Some Fight In It
Despite surging about 100% within the short span of just over two weeks, Elite Pharmaceuticals Inc (OTCMKTS:ELTP) showed that it’s still not out of breath last Friday. The stock closed another 6% up, stopping at $0.41 by the closing bell. Volume cooled off significantly down to 4.6 million shares traded.
On Thursday the company announced it will be hosting a conference call and webcast to discuss its Q2 2016 performance and results. The call will be conducted tomorrow, after ELTP releases financials sometime today. The PR gives no further specifics on performance and no numbers or management comments are included in it.
ELTP has been massively overbought since late October but that obviously has not stopped the stock from climbing ever higher. Whether this sort of aggressive expansion on the chart is sustainable remains to be seen. If ELTP managed to impress with its new quarterly that is due today, the stock might hold its newfound gains despite its technical status.
ELTP is a relatively rare case of an OTC biopharma that is not just generating seven-digit quarterly revenues. Even more surprisingly, those revenues result in a positive net income from operations. Here is what ELTP published in its previous quarterly report:
- $11 million in cash
- $3.3 million in current liabilities
- $7.0 million in quarterly revenues
- $2.5 million in quarterly income from operations
- $16.0 million in quarterly net income
The quarter ended June 2015 was one of record revenues. If ELTP manages to follow through with another similarly impressive quarterly performance today, there may still be some fight left in the ticker, despite its technically precarious standing and massive chart spike.
