Cellceutix Corp (OTCMKTS:CTIX) Dropping Again

[[tagnumber 0]][[tagnumber 1]]After reaching heights of above $3.5 per share in the middle of July we saw CTIX suffer a horrible slide down the charts that ended with the stock losing quite a lot of value. The ticker has made attempts at regaining some of its positions in the past months, but has failed so far.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The bad performance of the company stock can be attributed to an article that was posted on a popular investor website in which it was claimed that the management is making false claims about the effectiveness of one of the company’s drugs among several other things. Several law firms filed class action lawsuits against [[tagnumber 6]]CTIX,[[tagnumber 7]] but the company responded and hired the Ashcroft Law Firm to seek withdrawal of the complaint.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]They are even trying to get the SEC’s attention on the matter as it may be a case of shorters trying to manipulate the stock. Meanwhile, [[tagnumber 6]]CTIX[[tagnumber 7]] isn’t doing that badly when it comes to business. They have several drugs undergoing trials and the balance sheet seems decent for an OTC biotech.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 17]] [[tagnumber 18]]cash: $8.41 million[[tagnumber 19]] [[tagnumber 18]]current assets: $8.76 million[[tagnumber 19]] [[tagnumber 18]]current liabilities: $7.29 million[[tagnumber 19]] [[tagnumber 18]]revenues: $0[[tagnumber 19]] [[tagnumber 18]]annual net loss: $13.14 million[[tagnumber 19]] [[tagnumber 28]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Still, the company stock is suffering from the consequences of all the lawsuits that followed the claims from the previously mentioned article. After a rather leveled start of the week we saw [[tagnumber 6]]CTIX[[tagnumber 7]] drop 6.60% in yesterday’s trading and close at $1.415 while a total of 233 thousand traded shares generated $342 thousand in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Despite the positive news coming from the company lately we see that [[tagnumber 6]]CTIX[[tagnumber 7]] is moving in the red once again in today’s trading. Be sure to do your due diligence and weigh out the risks before putting any money on the line.[[tagnumber 2]]