InVivo Therapeutic Holdings Corp. (OTCBB:NVIV) Crashes Hard
The recent news that are coming from InVivo Therapeutic Holdings Corp. (OTCBB:NVIV) and the reviews that the company is receiving have crushed their stock in a matter of days. The company was doing good and was traded above $4 last week, but things changed very quick and it seems that the ticker is gathering momentum in a downward direction.
It seems that the changes in their plans for the development of technologies for treatment of spinal cord injuries (SCI) that were announced after Mr. Francis M. Reynolds resigned from his positions as CEO, CFO and Chariman of NVIV, due to his medical condition aren’t to the liking of investors.
First, the company closed last week recording a loss in price of 27%, but it looked like it can recover some of its value in Monday’s session when the stock gained 15% and closed the day at $3.45. The rapid fashion in which bad news are hitting the scene, however, is taking it’s toll and by yesterday’s final bell the stock had lost 49% in value from Thursday last week.
As we see from the intraday charts a lot of people are shedding their holdings through the whole session and the dumping isn’t taking place only in the beginning of the day. After the intense trading of yesterday the stock had lost 40% in the session and closed the day with a price of $2.07 per share.
The volume that we saw was also quite big, with a total of 4.48 million shares that had switched hands and a dollar volume of $10 million.
Today isn’t going any better either. NVIV gapped down opening the session at $1.925 per share and is currently 24.64% lower from yesterday’s close. Trading is intense and a total of 2.3 million shares were traded in a little over an hour, which leads us to believe in the possibility that the total amount of traded shares might exceed yesterday’s. The lower price, however, means that the trade value might come out to be less than the one from yesterday despite the huge amounts of traded stock.
At this moment the stock of NVIV is priced at $1.50 per share and for now it looks like it will continue to go down. This is why we consider any investment in the stock risky and advise you to do your due diligence if you have any thoughts of buying in the low and waiting for it to come back to its previous levels, because the results from their research and development won’t come soon.
The other medical stock that is traded vigorously these days is that of Affymax, Inc. (OTCMKTS:AFFY). The ticker is trying to breach the $2 mark, but for now is struggling. Yesterday they closed the session with a loss of 7% in value and a total of 1.5 million traded shares. This in term generated a dollar volume of $2.9 million. However, the stock seems to be rising today and is currently priced at $1.93 per share.
