Might Affymax, Inc. (OTCMKTS:AFFY) Liven Up
If you read our recent articles you would probably know that Affymax, Inc. (OTCMKTS:AFFY) are going through a tough period after they pulled the only product that they had (the drug OMONTYS) from the shelves and were consequently delisted from the NASDAQ for being a shell company.
Back in February the company’s stock was doing good as it was traded at around $16 per share, but instantly one day it plummeted on the heavy volume generated by the shocked investors who were trying to sell out all the stock they had before it goes further down as then it was traded at $2.34.
Since then AFFY‘s stock has been gradually going down the slope with big volumes and we even saw a pump in the beginning of May which generated some upward movement, but it remained only 3 days headed in that direction while in the meantime a lot of shares changed their owners.
In the past two weeks they have almost no movement ending most of the days with 0% changes in their stock price and their stock is almost managing to hold the 14% that it gained on June 11 and June 12. Trades have been limited and the volume recently doesn’t pass the 1 million share mark which on one side is good because the stock isn’g going tantivy down and on the other is bad because it isn’t going up either.
The good thing is that AFFY is somewhat similar to Invivo Therapeutics Holding (OTCBB:NVIV). It is one of those companies in the OTC Markets that has rather good financials as they have even more assets than NVIV who are with $10.3 million cash and $13.8 in total assets. For those of you who haven’t read our articles about AFFY we will take a moment to get you acquainted with the numbers of prime interest from their latest financial report covering the first quarter of this year.
- cash: $46 million
- total assets: $66 million
- current liabilities: $70 million
- total liabilities: $81 million
- revenue: $844 thousand
- net loss: $26 million
Even though they are in a bad situation right now AFFY have taken measures by hiring The Brenner Group to restructure the company. It began as they laid off 75% of their staff at first and on June 15 all of their employees were relieved from their duties. Also, AFFY have a fair amount of cash. Now, it’s a matter of cutting down expenses in preparation for their future projects. For now AFFY remains a risky investment and this is why we advise to do your due diligence and weigh out the risks for yourself before making a decision ti invest in their stock.
On the other side of things the situation for Xumanii Corp. (OTCMKTS:XUII) is still good as they have climbed a fair 35% in the last week of trading and their shares now are worth $0.273 per piece. The upward movement seems to be slowing down, but after all, only time will tell if they are going to start to fall.
