InVivo Therapeutics Holdings Corp. (OTCBB:NVIV) Slows Its Slide
Yesterday the stock of InVivo Therapeutics Holdings Corp. (OTCBB:NVIV) took another step down and closed the day a further 10% in the red. Even though the price attempted a climb in the morning hours, shortly before noon NVIV slipped below its previous close and maintained a steady, slow decline until the closing bell.
Even though share volume was less than half of Tuesday’s and the stock did show signs of recovery in the early session, gaining 20 cents at its intra-day high, the pendulum swung back and NVIV ended the day almost 20 cents down. The volatile swings have wiped out the gains made over four of the five green bounce sessions that the ticker enjoyed after bottoming at $1.19 on the last trading day of August.
The downward volatile swings were quite likely brought about by the most recent press announcement of NVIV, concerning a shuffle at the top levels of the company. In addition to a board member switch, NVIV‘s CFO resigned from his post, effective immediately. This comes hot on the heels of the resignation of the company’s former CEO and CFO, Mr. Frank Reynolds, who quit his position on August 22, due to undefined ‘health concerns’.
It appears this triggered a wave of panic in shareholders who seemed ready to give the stock another chance despite the price tanking hard twice in August. The first crash came in the wake of Mr. Reynolds resigning and the second happened as NVIV announced a considerable delay in the pre-commercialization testing procedure of its flagship product – a biopolymer scaffolding for spinal injury patients, due to FDA requirements and a staggered testing approach.
The downward pressure on NVIV‘s stock seems to be letting up a little, with calmer volume and a 10% dip after Tuesday’s 23%. Still, the ticker remains volatile and traders are advised to do their own due diligence and weigh all pros and cons before making a move.
Wednesday’s big percentile movers include Alkaline Water Company Inc. (OTCBB:WTER) who gained over 18% to come to a close of $1.08 per share. This summer’s biggest pump job – Xumanii International Holdings Corp. (OTCMKTS:XUII) whose already devastated price slumped by another 41% and ended the day at $0.02 per share, or 50 times below the last price target set by the pumpers.
