Provectus Pharmaceuticals, Inc. (OTCMKTS:PVCT) Idles After Crash
After the share price of Provectus Pharmaceuticals, Inc. (OTCMKTS:PVCT) suffered a significant drop last Thursday, the ticker recovered a little and then stayed mostly level over the last two sessions. Yesterday PVCT closed 1.9% up, stopping at $2.10 by the bell.
The company went through a hugely volatile period in January, doubling in price, then crashing 60% in a single session. The turbulence was caused by investor expectations centered around PVCT‘s ‘Type C’ meeting with the FDA in December. There were high expectations that the FDA will grant breakthrough therapy designation to PVCT‘s PV-10 anti-melanoma treatment and will expedite it along to commercialization.
PVCT announced the company received the meeting minutes from the FDA last Friday but it seems the full minutes will not be made public. Instead, the company published an 8-K giving a summary of sorts, detailing key points from the meeting and the results of the Phase 2 study. PVCT‘s share price did not react in a significant way as investors probably hoped for much greater revelations or possibly the full text of the meeting minutes.
Yesterday PVCT published another press release, informing of a published research article assessing PV-10. The article concluded that the possibility of PV-10 reacting with another clinically relevant drug was ‘likely minimal’.
The slowdown in PVCT‘s movement may be due both to the significant crash that had a sobering effect on traders as well as to the somewhat underwhelming content of the FDA meeting report. In the same filing the company explains that it may need to conduct a bridging study to solidify results. While this is far from the immediate breakthrough designation optimistic traders had hoped for, the good news is that the company has a fair amount of cash to fall back on.
Yesterday’s wider OTC market was dominated by marijuana tickers once again. Medical Marijuana, Inc. (OTCMKTS:MJNA) logged record share and dollar volumes but closed 3% down. Trailing it in terms of dollar volume were Cannabis Science, Inc. (OTCMKTS:CBIS) and Growlife, Inc. (OTCBB:PHOT).
