Cellceutix Corp (OTCMKTS:CTIX) Drops To A 52-Week Low
[[tagnumber 0]][[tagnumber 1]]Since Cellceutix Corp (OTCMKTS:CTIX) managed to climb above the $3.50 per share mark in the middle of July the stock’s performance has been far from good. The ticker began to steeply descend down the charts and currently sits below the $1.50 per share mark.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This is after another 12.07% drop that led [[tagnumber 6]]CTIX[[tagnumber 7]] to close at $1.42 in yesterday’s session. As the price gets lower and lower we see an increase in daily volumes. Yesterday there were a total of 561 thousand shares that changed their owners and generated $798 thousand in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The current market cap of the company stock is still more than $150 million and the ticker might sink even lower, despite the impressive numbers contained in the latest 10–K that the company filed.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 15]] [[tagnumber 16]]cash: $8.41 million[[tagnumber 17]] [[tagnumber 16]]current assets: $8.76 million[[tagnumber 17]] [[tagnumber 16]]current liabilities: $7.29 million[[tagnumber 17]] [[tagnumber 16]]revenues: ZERO[[tagnumber 17]] [[tagnumber 16]]annual net loss: $13.14 million[[tagnumber 17]] [[tagnumber 26]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]There are, however, some other things that have played a negative role on [[tagnumber 6]]CTIX.[[tagnumber 7]] Like the class action lawsuits that several law firms filed against the company alleging false claims about the effectiveness of the company’s treatments that are undergoing clinical trials at the moment. The reason for the lawsuit was an article posted on a popular trading website in August.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Still, today’s positive news about the Phase 2 clinical trials of Prurisol might have a positive impact on the ticker. [[tagnumber 6]]CTIX[[tagnumber 7]] is already 2.46% up in today’s trading, but is still below the $1.50 mark. In any case, be sure to do your own due diligence and weigh out the risks before putting any money on the line.[[tagnumber 2]]
