The Silence Around Affymax, Inc. (OTCMKTS:AFFY) Takes Its Toll
There was little attention to the stock of Affymax, Inc. (OTCMKTS:AFFY) in last weeks trading, which is rather strange considering that they are one of the “better” companies in the OTC Markets.
Last week the stock of AFFY was probably one of the dullest ones you could see in the OTC Markets despite being a company with rather normal financials and its history of being listed in the NASDAQ as they didn’t have a day in which their price changed above 5%.
Their stock hasn’t been pumped for quite a while now with the last emails which we received touting AFFY‘s stock dating back to May 9. Considering last week’s trading one can only guess if they are headed for a new pump. You can see how little interest there was in their stock by the volumes in which they were being traded in Friday when their stock registered 634 thousand shares that switched hands which came at a total price of $651 thousand.
AFFY‘s stock wasn’t traded above 700 thousand shares in the last 4 trading sessions which is a really low volume considering that they have an average of 7 million. However, could this be the quiet before the storm? For now the company is silent with the last press release that they made dating back to July 12. Probably the lack of any developments is the reason behind the “interest” that their stock is receiving recently.
One couldn’t expect it to be otherwise while the company is not having any new developments to brag about as they have virtually no way of generating revenue considering their only product was pulled off the shelves. What they do have, however, is a financial state that is rather optimistic for an OTC company. For those of you who haven’t followed our articles about AFFY we will take a quick moment to show you the numbers of prime interest from their latest quarterly report so that you can figure out what we are speaking of.
- cash: $46 million
- total assets: $66 million
- current liabilities: $70 million
- total liabilities: $81 million
- revenue: $844 thousand
- net loss: $26 million
When you have in mind that they most probably have a zero to fill in the revenues section of their next quarterly report their situation starts to look shaky, but do bare in mind that they have quite a lot of cash on hand and it is only a matter of wheter they will be able to manage it properly to move forward with their projects.
Another company that has a decent financial state despite the fact that it is listed in the OTC Markets and received little attention last week is InVivo Therapeutics Holdings Corp (OTCMKTS:NVIV). They dropped below the $4 mark in last weeks trading and are currently at $3.79 registering a below average volume of 190 thousand shares in Friday’s session.
On the other side of things you have Petrosonic Energy Inc (OTCMKTS: PSON) who didn’t register a day of below 10% movement in the last week finally ending 15% up in Friday’s trade session at $0.83 after a 3 day run of going down the slope.