Cellceutix Corp (OTCBB:CTIX) In Freefall
There are a lot of development stage pharmaceutical companies in the OTC Markets, but few of them have taken such an ambitious project like Cellceutix Corp (OTCBB:CTIX). If you haven’t followed CTIX and our articles about them you would probably not know about the groundbreaking research that they are doing in the process of development and testing of their anti-cancer drug Kevetrin.
CTIX‘s stock, however, doesn’t look that attractive to investors, as it has been going up and down with the occasional interference of paid promoters. Even though their stock has an unconvincing movement we might say that it is at somewhat of a peak, as it has been gradually rising after the low in late 2011.
Even though the previous month of trading was bad for CTIX‘s stock price it seems to be recovering lately. After it slid down as low as $1.65 per share on July 8 the stock is going in an upward direction even though there were some trade session ending in the red and it even breached the $2 barrier going as high as $2.22 last Friday.
This week, however, started badly for CTIX‘s stock as they finished Monday and Tuesday in the red. Yesterday they dropped 7% as they went from $2.17 to $2.01. The volume was quite big considering they have an average of 239 thousand with a total of 725 thousand shares that switched hands in the end of the day. Most of the trading was done in the early hours of the day while the price was crushed. This heavy trading helped generate the total trade value of the day, which was estimated at a hefty $1.5 million.
CTIX have a really big market value with their current price which is estimated at $195 million, however, what do they have to back that up? Let’s take a quick look at the numbers of prime interest from their latest filing covering Q1 of this year.
- cash: $1 million
- total assets: $1.3 million
- current liabilities: $8.1 million
- revenue since inception: $0
- net loss: $866 thousand
It seems that they are doing fairly well, but we think that the market value of the company is a bit overrated. After all, their drug is still in the first stage of testing and it might take quite a while for an FDA approval. The good thing is that they have another product for which they already got an approval for a 505(b)(2) designation. For now CTIX are hanging in the balance, but be sure to do your due diligence before investing in them and weigh out the risks for yourself.
Another pharmaceutical company that is still in development and is doing pretty good in the charts, price-wise, is InVivo Therapeutics Holdings Corp (OTCBB:NVIV) who are above $5 at the moment with a current price of $5.46. The same cannot be said for Liberator Medical Holdings, Inc. (OTCBB:LBMH), who are currently having a bad time with their price dropping from $1.90 to $1.40 in two days.
