Elite Pharmaceuticals Inc (OTCMKTS:ELTP) Swaying In Both Directions
The stock of Elite Pharmaceuticals Inc (OTCMKTS:ELTP) has had a rough time so far in this year. The company itself isn’t trying too hard to attract investor confidence as we see that the latest press release was issued more than a month ago.
ELTP, however, isn’t your regular OTC marketplace traded entity. The company has a pretty solid balance sheet, although the information hasn’t been updated for a while now. The latest report filed by the company covered the quarterly period ended December 31, 2016 and contained the following numbers of prime interest.
- cash: $8.1 million
- current assets: $12.4 million
- current liabilities: $5.36 million
- revenues: $2.2 million
- net loss: $12.2 million
Still, ELTP has a sizable market cap as well. This, coupled with the lack of news makes ELTP very volatile, as we have recently seen. First, we saw the ticker surge up the charts for no apparent reason. Then it came crashing down, dropping below the point at which it took off. And now it is going up again.
The company stock is heavily discussed on investor message boards and the investors seem to be in a frenzy. This is why it’s not that big of a surprise that ELTP has become quite volatile.
Of course, swaying in both directions leaves room for profit to more experienced investors. The ticker, however, is making relatively small percentile movements. Yesterday it gained 8.66% in value and closed at $0.34. A total of 1.3 million shares changed their owners, generating $434 thousand in daily dollar volume.
We see that ELTP is hesitating once again in today’s trading after reaching a high of 37 cents per share. This is why you should be sure to do your due diligence and weigh out the risks before putting any money on the line.
