Easton Pharmaceuticals, Inc. (OTCMKTS:EAPH) Tumbles Down
The stock of Easton Pharmaceuticals, Inc. (OTCMKTS:EAPH) has been having a rough time during the last three sessions. After slashing a fifth of their value during Tuesday’s session the company was barely able to avoid dropping further down on the next day by releasing another PR article. Although investors were somewhat reinvigorated by it and EAPH finished the session 22% in the green at $0.023 that was still lower the opening price for the day.
During yesterday’s trading things finally looked to be taking a turn for the better with EAPH sitting confidently at prices above $0.025 for most of the session. But at around 2 o’clock it plunged towards the bottom and in a matter of minutes dropped to $0.022. At the end of the day EAPH was down by close to 10%.
The sudden drop might be caused by traders starting to take profits as EAPH is still sitting at rather inflated prices thanks to their decision to join the medical marijuana industry. For now though despite the enthusiasm shown by the market EAPH has a lot of work to do in order to actually enter the sector.
In the last released PR filled mostly with fluff statements the company still revealed that they have between 4 and 6 weeks to close the agreement with the unnamed independent Canadian company that has filed for a distributorship license. Keep in mind that the unnamed company has not been approved by the Canadian government yet.
And if that deal fails to go through EAPH announced that they will be trying to file their own application. In order to do that the company is hoping to engage a “leading legal expert” that has also been left unnamed in the press release. They expect to execute the agreement within the next ten days.
With this they may be able to keep fueling the hype around the stock for at least some time if investors don’t decide to look for more promising marijuana plays. In early trading today EAPH are sliding further down by losing another 10% and trading for $0.021. 