IMMUNE THERAPEUTICS INC FLA (OTCMKTS:IMUN) Logs Another Heady Climb
Propelled by a press release that hit the wire yesterday, Immune Therapeutics Inc (OTCMKTS:IMUN) soared again and closed nearly 50% up. After shifting its largest daily share volume for the past 52 weeks, IMUN stopped at $0.298 per share.
The news that assisted the ticker up the charts was that IMUN, together with long-term partners GB Pharma Holdings Inc and American Hospitals and Resorts, signed a letter of intent with a Nigerian company traded publicly on the National Stock Exchange of India. The LOI concerns IMUN‘s Lodonal product and how it will be “promoted” and distributed in Nigeria.
IMUN was scurrying up the charts long before yesterday’s PR hit the wire, though, and for no good reason. The stock started moving up in leaps and bounds as early as July 28, with no significant event, filing or press announcement in the previous few sessions. Within the space of just five sessions IMUN‘s share price went up over 200%, with the stock becoming massively overbought in the process. What makes this climb potentially even more precarious is the simple absence of any observable catalysts that may have triggered it.
Looking at the company’s latest Q1 financial report shows little to cheer about:
- $30 thousand in cash a/o March 2015
- $3.6 million in current liabilities
- $2 thousand in quarterly revenues
- $2.9 million in quarterly net loss
Even though in its Q3 2014 report IMUN expected to generate revenues in 2014 through “previously announced” distribution partnerships in Nigeria and Malawi, this did not really happen as the 10-K for 2014 showed a grand total of ZERO in revenues. It’s admirable that there are actual revenues in Q1 of this year but investors were likely hoping for something more than the listed two thousand dollars.
IMUN was trading for over $1 per share back in early 2014. It remains to be seen how much further the ticker can push before profit taking potentially turns the five-day 217% price climb into something less exciting to watch.
