Cytosorbents Corp (OTCBB:CTSO) Rises to Unstable Heights
After moving within the confines of 10-13 cents per share for nearly the entire 2013 the stock of Cytosorbents Corp (OTCBB:CTSO) is currently making one impressive run up the chart. In just four sessions the stock has nearly tripled in value and it returned to price ranges last visited in early 2011.
Yesterday the stock made its biggest jump for now when it gained more than 67% and closed at $0.31, as we said a new 52-week high for the company. Traded volumes have also exploded with 9 million shares changing hands yesterday when the average for the company is less than 1.5 million shares.
CTSO is a medical company that has developed the CytoSorb blood purification therapy. As it name shows CytoSorb is used to filter cytokines from the blood and reduce any underlying inflammation. The treatment has been approved for use in the EU and the company has been making direct sales in Germany, Austria and Switzerland. Management has plans to expand its marketing efforts through distributors or partners and which they have done with Biocon, one of the largest biotechnology companies in India.
Although not perfect the financial state of CTSO is far better than the majority of pennystocks. At the end of September they reported:
- $2.3 million cash
- $3.6 million total current assets
- $3 million total current liabilities
- $880 thousand revenues
- $964 thousand net loss
They have a positive working capital and with the expansion in marketing activities sales should also increase. 2013 was CytoSorb’s first full year of commercialization so the numbers contained in the annual report will have even greater importance for investors.
The company offers a working technology with undeniable potential. Zacks Small-Cap Research has issued them a target price of $0.50 
which may be a bit too much for the company to support at the moment. In early trading today CTSO surged up to $0.35 per share but are now going straight down wiping 20% of its value at $0.24.
which may be a bit too much for the company to support at the moment. In early trading today CTSO surged up to $0.35 per share but are now going straight down wiping 20% of its value at $0.24. 