Cantabio Pharmaceuticals Inc (OTCMKTS:CTBO) Swaying Heavily
tags: CTBO
The stock of Cantabio Pharmaceuticals Inc (OTCMKTS:CTBO) began receiving attention in the second half of May and climbed up the charts. The ticker reached a massive market cap of $200 million that is a rare sight in the OTC marketplace.
Then it got severely corrected and began sliding down the charts. The reason for the attention, in the first place, was a paid promotional campaign. The price that CTBO reached just shows the classic pump treatment in action. It was certain that those levels couldn’t be sustained and a quick look at the company’s latest financial filing revealed just why.
- cash: $100 thousand
- total assets: $100 thousand
- current liabilities: $188 thousand
- revenues: ZERO
- quarterly net loss: $65 thousand
Those numbers are pretty terrible for a pharmaceutical company, even by OTC marketplace standards. Still, the recent pump activity has made CTBO very volatile and the chat performance shows just that.
The market cap of the company has been decreased significantly, but is still massive for an entity with such a balance sheet. This is why CTBO is swaying heavily in both directions. After a couple days of sliding in the end of last week we saw the ticker gain 17.78% after an optimistic press release and close at $2.52 per share.
The company stock is still going up today, but the current market valuation is still hefty, so you should be sure to do your due diligence and weigh out all the risks before putting any money on the line.
