Bio Matrix Scientific Group Inc (OTCMKTS:BMSN) Crashing After a Promising Run
Bio-Matrix Scientific Group Inc (OTCMKTS:BMSN) had a really good run in the last couple of trade sessions, however, at the moment investors aren’t really happy with their stock after the huge crash from yesterday.
After 4 very successful trade sessions in which BMSN‘s stock gained a total of 53% going up from $0.0022 to $0.0046 came the dissapointment of yesterday. The company’s stock plummeted 28% on high volume. The total shares that switched hands in yesterday’s trading were about 157 million which is quite a lot considering the company’s average volume of 62 million shares.
In fact we see that the last week of trading had quite a few days in which they traded in volumes of above 100 million shares and we reckon that a lot of insiders are happy with their profits. BMSN stock is being traded a lot since the beginning of the year compared to the low investor interest with which the stock reached its bottom in the end of December 2012.
Considering they are undergoing the process of approval from the FDA for their drug HemaXellerate one might think that they have a bright future. The financial state of the company, however, shows a company with big financial burden. We presume that they aren’t going to be able to produce the drug even if it gets the approved and they don’t acquire financing. You can take a look at the numbers of prime interest from their latest quarterly report covering the period ended March 31 for yourself.
- cash: $10 thousand
- property & equipment: $0
- total assets: $129 thousand
- current liabilities: $1.8 million
- revenue since inception: $0
- net loss: $941 thousand
As you can see, BMSN doesn’t only lack the cash needed to support production of a drug, but they also have $0 in property and equipment. Furthermore you can take a look at anothar company that David Koos is leading, which has not been able to pick iself from below the 10 cent mark for over a year now. We are speaking of Entest Biomedical Inc. (OTCMKTS:ENTB) which traded above $4 per share in the beginning of the not so distant 2011 and their stock is at $0.0027 now. You can take a look at the eloquent chart to the right and see what we are talking about.
Another company that dropped a decent amount in yesterday’s trade session is Xumanii Corp f/k/a Medora Corp (OTCMKTS:XUII). Yesterday was a second trading session for the week for them in which their stock deflated with more than 10% after they dropped 11% in Monday. They dropped a further 13% down yesterday going from $0.235 to $0.204 on a volume of 8.6 million traded shares making the total trade value $1.8 million.
