Cellceutix Corp (OTCMKTS:CTIX) Climbing Higher
[[tagnumber 0]][[tagnumber 1]]Cellceutix Corp (OTCMKTS:CTIX) and its shareholders have suffered a great deal in the past several months. After an article posted by an anonymous author with a clear short position was published on a popular investor website the stock has been falling down the charts and has lost quite a lot of its value.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Said article claims that [[tagnumber 6]]CTIX[[tagnumber 7]] is a “shell” and the drugs that the company is testing are worthless. In fact, we see that [[tagnumber 6]]CTIX[[tagnumber 7]] is doing pretty well when it comes to the trials and the financial situation is pretty stable as well. A testament to that are the numbers that can be seen in the latest annual report of the company.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 13]] [[tagnumber 14]]cash: $8.41 million[[tagnumber 15]] [[tagnumber 14]]current assets: $8.76 million[[tagnumber 15]] [[tagnumber 14]]current liabilities: $7.29 million[[tagnumber 15]] [[tagnumber 14]]revenues: $0[[tagnumber 15]] [[tagnumber 14]]annual net loss: $13.14 million[[tagnumber 15]] [[tagnumber 24]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Meanwhile, we see that a lot of law firms have filed lawsuits against [[tagnumber 6]]CTIX.[[tagnumber 7]] It seems, however, that they have not done their research and now the company is firing back. It has hired former U.S. attorney in Massachusetts, Michael Sullivan, who is a partner at the Ashcroft Law Firm to aid them in the task.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Recent news have also managed to change the course of the company stock. [[tagnumber 6]]CTIX[[tagnumber 7]] has been climbing for a while now and after yesterday’s 7.35% gain we saw it close the session at $1.46 while a total of 248 thousand traded shares generated $354 thousand in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]It appears that the ticker is still heading up in today’s trading and will finish the week green. Still, doing your due diligence and weighing out all the risks before putting any money on the line is a must.[[tagnumber 2]]
