Elite Pharmaceuticals Inc (OTCMKTS:ELTP) Surging For No Apparent Reason
After a devastating performance in the beginning of the year we saw the stock of Elite Pharmaceuticals Inc (OTCMKTS:ELTP) move mostly sideways, making a few attempts to recover the value that it had previously lost.
The company hasn’t been too keen on issuing press releases, but that hasn’t had a negative effect on ELTP stock so far. While there is a lack of news coming from the company the latest numbers that we can rely upon are the ones from the quarterly report for the period ended December 31, 2015.
- cash: $8.1 million
- current assets: $12.4 million
- current liabilities: $5.36 million
- revenues: $2.2 million
- net loss: $12.2 million
Those numbers certainly look great for an OTC marketplace company, but we shouldn’t forget that the market cap of ELTP is pretty hefty as well. Meanwhile, the company hasn’t issued any new press releases for about a month now, but has somehow managed to keep investor confidence.
ELTP is still heavily discussed on investor message boards and the stock somehow managed to lift itself out of nowhere yesterday, gaining 8.63% in value and closing at $0.34. A total of 2 million shares changed their owners and generated $677 thousand in daily dollar volume.
ELTP is a bit shy in today’s trading and has barely moved as of the writing of this article. You will do well do your due diligence and weigh out the risks before making any trades.
