Cellceutix Corp (OTCMKTS:CTIX) Surges On Trial News

[[tagnumber 0]][[tagnumber 1]]Cellceutix Corp (OTCMKTS:CTIX) hasn’t been doing very well since the beginning of this year. Back then it was reaching for the $5 per share mark, but the general downward direction, which it took in the charts, has led to a loss of around 50% of that value.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]There are, of course, the optimistic press releases coming from company HQ, but their effects are usually short–lived and [[tagnumber 6]]CTIX [[tagnumber 7]]returns to its downward course. The fact that the company is pretty well equipped even when compared to other OTC biotechs doesn’t do that much for the stock. Back in the end of March [[tagnumber 6]]CTIX [[tagnumber 7]]had this to show.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 13]] [[tagnumber 14]]cash: $10.8 million[[tagnumber 15]] [[tagnumber 14]]current assets: $17.07 million[[tagnumber 15]] [[tagnumber 14]]current liabilities: $7.3 million[[tagnumber 15]] [[tagnumber 14]]revenues: $0[[tagnumber 15]] [[tagnumber 14]]quarterly net loss: $2.89 million[[tagnumber 15]] [[tagnumber 24]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]At least we see that the company has a significant amount of cash that should be able to help with the ongoing operations. Things regarding the trials also seem to be going well. Before Friday’s session we saw a press release which announced the approval for additional enrollment in [[tagnumber 6]]CTIX’s [[tagnumber 7]]clinical trial by the Institutional Review Board (IRB).[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The PR had an immediate effect on [[tagnumber 6]]CTIX [[tagnumber 7]]and the ticker gapped up at $2.40. It continued to climb and hit a high of the day of $2.69, but slid to a close of $2.61, having climbed 12.50% higher than the previous day. The 414 thousand shares that changed their owners generated a healthy daily dollar volume of $1.07 million.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Still, with a market cap of $291 thousand [[tagnumber 6]]CTIX [[tagnumber 7]]is a bit overpriced compared to other OTC biotechs that have similar financial capabilities. This is reason enough for you to do your due diligence and weigh out the risks before putting any money on the line.[[tagnumber 2]]