InVivo Therapeutics Holdings Corp. (OTCBB:NVIV) With a Wild Green Swing
Having spent two months quietly bubbling near $1.50 per share after taking the plunge from its August levels, late last week InVivo Therapeutics Holdings Corp. (OTCBB:NVIV) shot back into heavy-volume trading. On Friday the ticker put on 55% and shifted more shares than its cumulative previous ten sessions.
The surge continued into Monday trading and the stock gained another 14%, holding a relatively steady course throughout the session. The trigger for the Friday spike appears to have been a press release from NVIV. Surprisingly, the release did not state anything particularly staggering in terms of news. NVIV re-stated that human trials for its biopolymer spinal scaffolding will start in Q1 2014 and informed that it will be making proposals for changes in the company’s FDA-approved protocol that will eliminate part of the paperwork related to human trials.
Yesterday morning NVIV also announced the appointment of Mr. Christopher McNulty as its new VP of business development. Mr. McNulty was last engaged as a director of business development at NASDAQ-listed Repligen Corporation.
NVIV posted its quarterly earlier this month and that contained numbers largely unchanged from the company’s previous report. The company’s cash has gone down a notch, but it still in the tens of millions. A bit of noise was made concerning the company’s net loss over the last nine months and NVIV even came forward with a filing and statement, explaining the bigger chunk of that came from change in the fair value of warrants. The derivative loss did not crop up in their latest report and had been stacking over the previous quarters so it was hardly a sudden surprise. Barring this factor, net loss remained at a leve similar to the last quarter.
What may be more bothersome is the sudden price spike that was driven by news that some may regard as less than essential. The 55% climb from Friday resumed into another green session yesterday but that was much more restrained. Even though the company is making efforts to expedite its scaffolding trials, correction after such a sharp surge is not unlikely.
Other companies that moved in double digits on Monday include New Energy Technologies, Inc. (OTCMKTS:NENE), bouncing over 17% after losing almost a third of its share price on Friday. 22nd Century Group, Inc. (OTCBB:XXII) closed 11% green, stopping at $1.1 per share.
