Cambridge Heart, Inc. (OTCMKTS:CAMH) Surges on Pumps

On Friday Cambridge Heart, Inc. (OTCMKTS:CAMH) traded its largest volume in three years, driven by a number of pump emails that landed immediately after the markets opened. The pumps came from a number of different promoters and were all uncompensated, yet managed to cause a stir.

The ticker had been in a state of near-death in terms of trading volumes prior to the pumps, with daily dollar volumes over the last month ranging from zero to $2.7 thousand. The Friday morning tout emails pushed that number to $180 thousand. So, what got traders so excited about CAMH?

That question may be more difficult that it seems. The company is currently labeled as ‘Pink Limited Info’ on OTCMarkets. This is due to the fact that their latest publicly available financial report covers the quarter ended September 2012. The closest thing to a financial report in 2013 was a form NT 10-K published in April that informed investors the company could not furnish its annual for 2012 ‘due to lack of funds’.

The quarterly from September 2012 listed figures that were far from stellar. Here is a brief rundown of numbers posted:

• $312 thousand in cash
• $1.4 million in revenues for Jan-Sep 2012
• $4.2 million in net loss for Jan-Sep 2012

The promoters chose to tout the revenues of the company, failing to mention that the bottom line was net loss in the millions. There’s no real way to figure out the current financial situation of CAMH and with a shortage of funds in 2013 so severe that the company could not file its annual report, it’s a mystery why traders chose to ride the pump. Even though the price ran as high as $0.033 intra-day, CAMH pulled back considerably on the first day of the pump and flatlined near the close and there’s no telling where the price will head in today’s session, despite the continued pumper efforts over the weekend.

Other significant percentile movers in Friday’s session include Quadrant 4 Systems Corp. (OTCMKTS:QFOR) who maintained their green run, closing another 22% up. Tiger Oil and Energy, Inc. (OTCMKTS:TGRO) moved 50% up the charts, aided by a $2.5 million pump job conducted by Stock Tips, among other promoters.