Elite Pharmaceuticals, Inc. (OTCBB:ELTP) Gathering Upward Momentum
Elite Pharmaceuticals, Inc. (OTCBB:ELTP)’s stock has had an upward general direction since the beginning of the year and things are looking bright. Most recently they made a pretty good run of 5 sessions in the green on some positive news.
The company has started issuing more optimistic press releases since the beginning of the month, so it seems that this trend could continue. ELTP also filed its quarterly report for the period ended December 31, 2013 and it boasted some serious numbers.
- cash: $1 million
- current assets: $3.9 million
- total assets: $18.2 million
- current liabilities: $12.5 million
- total liabilities: $23.2 million
- revenues: $1.6 million
- net loss: $1 million
While there are massive liabilities and the company is still unable to operate at a profit, their revenues have gone up by 150% compared to the same period in 2012, which is good. We also shouldn’t forget that there are a lot of money spent on research and development.
When will that pay off, however. There is a lot of optimism generated by the fact that the company has made quite a lot of progress in the past few years, after the new management took it in their hands, despite the big losses.
ELTP has also managed to acquire the funds needed to continue their research, so it looks good for now and might lead to a bright future. The latest news concerning the company development is about the successful results of a pilot bioequivalence study started in December 2013 for an opioid abuse deterrent oxycodone called ELI-201.
This is good news for the progress of their abuse resistant drugs that some people, including the company CEO, Nasrat Hakim think might effortlessly lead ELTP to trade at around $4 per share. This is far up from the $0.417 that ELTP closed at yesterday, after a 19% gain.
Still, these predictions are most likely to come true in 2015, so be sure to do a lot of due diligence and weigh out the risks if you are thinking of going in for the long run.
In the meantime, medical marijuana companies like Growlife, Inc. (OTCBB:PHOT) and Medical Marijuana, Inc. (OTCMKTS:MJNA) are still going up and it seems that nothing can stop them.
