BioNovelus, Inc. (OTCMKTS:ONOV) Climbs Higher

tags: ONOV

The start of the year was rather disappointing for the stock of BioNovelus, Inc. (OTCMKTS:ONOV) as the ticker had dropped pretty low in double-zero territory and barely received a lot of investor attention.

This all changed in the end of April when ONOV began to climb the charts and the daily volumes increased significantly. The company stock made significant gains and reached a high of $0.18 per share in mid-June, but took a slight step back in the following days. This wasn’t very surprising when you took the financial performance of ONOV in consideration.

• cash: $4
• current assets: $4
• current liabilities: $681 thousand
• revenues: ZERO
• net loss: $25 thousand

Those terrible numbers were found in the company’s financial report for the first quarter of the year, but they didn’t appear to affect the stock when they were made public in the middle of May.

The company stock does seem to rarely get affected by positive PR as well. ONOV recently announced positive results from the successful pilot test of its CR-10 biodegradable fungicide in the treatment of coffee rust in Costa Rica. The following sessions saw the ticker drop down the charts.

And now it has come to climb without any aid whatsoever. Last week finished with a good 28.57% gain and ONOV returned to its high of $0.18. A total of 759 thousand shares changed their owners and generated $114 thousand in daily dollar volume.

The company stock is still going strong it today’s session so far, but that doesn’t mean that you should skip doing your due diligence and weighing out the risks before putting any money on the line.