Affymax, Inc. (OTCMKTS:AFFY) Drops Below $1
We missed writing about Affymax, Inc. (OTCMKTS:AFFY) as we haven’t covered them for about a week now. Today, however, we decided that the fact that they dropped below $1 again deserves some attention even with the little percentile movement that the stock had yesterday.
The stock of AFFY has been quiet for about two weeks having daily percentile movements below 2%. In yesterday’s trade session, however, their stock moved a bit more and it was in a bad direction. The price of AFFY shares dropped 5.88% going under the $1 mark for the third time in their history.
They started the trade session 1 cent below the previous day’s close at $1.01 and began going down even though there wasn’t that much interest and trades were at a minimun. By noon they went as low as $0.961, jumped a bit higher in the last hour, finally to drop again and close the session with a price of $0.96 per share.
The volume was decent, but a lot below their average of 4.93 million as the amount of traded shares came to 568 thousand making the total trade value $556 thousand. Will AFFY finally liven up? We doubt that anything like this can happen this week, but we consider this as an opportunity. It might happen if we finally hear something from the company, or in the worst case if their stock gets a paid promotion.
Either way they remain a risky stock to invest in and the only thing that keeps them level so far is the financial state of the company. Let’s remind ourselves about what they have by taking a look at the numbers of prime interest from their latest financial report.
- 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 they have a lot of cash on hand for a shell company, but let’s not forget that they were traded at the NASDAQ and were delisted exactly for becoming a shell after the voluntary recall of their drug OMONTYS. Be sure to do your due diligence and weigh out the risks before you jump on this one even when you see that they are in a decent financial state.
On the other hand things are going good for Virtual Piggy, Inc. (OTCBB:VPIG) and Advanced Cell Technology, Inc. (OTCBB:ACTC) who are trading at $2.53 and $0.789 respectively.
