InVivo Therapeutics Holdings Corp. (OTCBB:NVIV) Still Moving Up

After an uneventful Thursday that saw the stock of InVivo Therapeutics Holdings Corp. (OTCBB:NVIV) barely move, Friday brought back the price action despite a serious drop in daily share volume. NVIV shifted under half a million shares but managed to close the week on a strong note, stopping 13% up at the bell.

The latest news release from the company was a brief Thursday piece, informing of NVIV‘s upcoming participation in a healthcare conference to be held in New York City. The news did little to shift the price up on the day it was released. Instead, the stock took off Friday afternoon, despite the share volume that was just a fraction of the week’s average.

The company’s stock price was dealt a heavy blow late last month, as another announcement informed of a delay in its clinical testing plans. The company’s flagship product is a biopolymer implant aimed at patients who suffered spinal cord injury. NVIV informed that the first human trial of the product will need to be postponed for Q1 of next year. Concurrently with that, the FDA requires a staggered testing procedure, which means the company will need to monitor each of the five patients for three months before enrolling a new one into the trial. This equals a further delay of roughly 21 more months before the human trials are complete and NVIV can conduct a control group study prior to a commercialization approval.

It seems penny stock players have little patience for this sort of waiting and the stock was pressed down hard, losing more than half of its price. NVIV may have bottomed at $1.19 as it closed green throughout last week, adding 50% over four sessions. While this summer’s price levels are still far away, the ticker has shown signs of recovery, it just remains to be seen whether this trend will continue.

Stocks that generated significant dollar volume on Friday include NanoViricides, Inc. (OTCBB:NNVC) who closed 9% in the green on over 1.6 million shares traded. Medical Marijuana, Inc. (OTCMKTS:MJNA) seem to have once again solidified their position among the top 10 most heavily traded stocks, with a Friday dollar volume of $1.7 million.