Affymax, Inc. (OTCMKTS:AFFY) Continues to Stay Level
Since Affymax, Inc. (OTCMKTS:AFFY) were delisted from the NASDAQ after the voluntary recall of their drug OMONTYS earlier this year, their stock has been going up and down. After a promising run in the end of last week, however, it managed to stay level with low volumes of traded stock and no significant changes in price.
Yesterday AFFY‘s stock went nowhere compared to the previous trade session as they closed at $1.07 with a volume of around 640 thousand traded shares which came at a total trade value of $673 thousand. After they started today’s trading at exactly the same opening price of $1.08 as they did yesterday AFFY‘s stock started to slide down. In just forty minutes of trading they dropped 3.74% and are now traded at $1.03.
There are no significant reasons for us to believe that they are going to be big movements in today’s trading as the company hasn’t issued any press releases for over a week. There is also no promotional campaign that can indicate for any action around the stock. However, we do believe that a promotional campaign might be in the works while the stock is being stabilized. What can a paid promotion lead to? Well we are pretty sure that all of the people reading this are aware that such methods of raising investor awareness in a company’s stock can’t be considered professional and often lead to big uncontrolable crashes after the initial surge.
AFFY at the moment are in a decent financial state as they have a lot of cash on hand, but unfortunately they also have high losses as well as little revue, which we reckon would be $0 in their next quarterly report as OMONTYS was the only product that the company had. For those of you who haven’t followed our coverage on AFFY we will take a quick moment to get you acquainted with their financials as listed in their quarterly report covering the period ended March 31, the numbers of prime interest from which you can see below.
- cash: $46 million
- total assets: $66 million
- current liabilities: $70 million
- total liabilities: $81 million
- revenue: $844 thousand
- net loss: $26 million
As you can see AFFY are well equipped to deal with the crisis they are experiencing at the moment, but how long is this inability to generate revenue going to last. If things get any worse they might never make it back to their previous prices and trading and this might be the end of them. All hopes are for a quick recovery. Be sure to do your due diligence before you invest in AFFY and decide if you can bear the burden with them.
Another company with decent financials that we have covered recently and is sliding down the charts is InVivo Therapeutics Holdings Corp (OTCBB:NVIV) who are going below the $4 mark for a while now with a current price of $3.80. Going further down today after their upward momentum was crushed are Tungsten Corp (OTCMKTS:TUNG), who after the 11% crash from yesterday are a further 12% down in today’s trading with a current price of $0.55.
