Arno Therapeutics, Inc. (OTCMKTS:ARNI) Pushes Up Once More
The last few sessions have marked a serious volume buildup and price action for Arno Therapeutics, Inc. (OTCMKTS:ARNI). After Friday’s closing bell, ARNI had climbed 70% within the space of four sessions. In its last session the stock put on almost 19% and stopped at $0.94 per share, closing above its 200-day moving average for the first time in over a year.
ARNI‘s stock was traded rather thinly over the past few months. In the past month alone, before this last volume accumulation, 10 out of 20 sessions had either zero, one or two trades of under 10 thousand shares. It’s safe to say that this low liquidity was not due to shortage of information from the company. ARNI pushed out five press releases in April and another one in May.
What is curious is that the positive PR coming from ARNI, which had the potential to move the stock, was not matched with the price and volume spikes. On April 30 the company announced receiving European orphan drug designation for its AR-12 drug for solid tumors and lymphoma, currently in phase 1 testing. This positive bit of news was hardly reflected on the charts on that day and in the next trading session ARNI closed completely flat.
The next PR came on May 7, announcing a Notice of allowance for two patents related to ARNI‘s flagship onapristone – a drug for breast and other cancers. This PR, in turn, came after ARNI had spiked a whopping 50% two days earlier and the stock was red on May 7. This disconnect and delay between positive news and chart movement is more than a little confusing.
ARNI‘s latest report is the annual for 2014 and contains the following:
- $7.9 million in cash
- $8.8 million in total liabilities
- zero annual revenues
- $21 million in loss from operations
The company has not issued any new shares between November and March – a rare sight with OTC companies, but then again, relatively few OTC companies have nearly $8 million on hand to work with.
Whether ARNI can continue this push up the charts despite currently being once again overbought remains to be seen.
