Provectus Pharmaceuticals, Inc. (OTCMKTS:PVCT) Still Silent, Crashes Hard

After a breathless run that sent the share price of Provectus Pharmaceuticals, Inc. (OTCMKTS:PVCT) from under $1.00 in early December to Wednesday’s close of over $5.20 per share, the ticker tripped and fell pretty badly in yesterday’s session. PVCT moved record volume of more than 30 million shares, crashing 64% and stopping at $1.87 by the bell.

PVCT is a biopharma working on its flagship PV-10 product, primarily aimed at melanoma treatment. Hopes surrounding the drug ran high as the company announced a ‘Type C’ meeting with the FDA in mid-December. Investors interpreted this as willingness on part of the FDA to speed PV-10 along and the race was on.

Even though the December announcement listed January 15 as the date by which meeting minutes should have been issued by the FDA, there is still no official statement on the subject. All that the company provided in terms of information surrounding the meeting was a Jan 15 filing informing of a delay in receiving the minutes.

Despite all that, the first huge jump this Tuesday spurred on rumors of leaked information and the hype grew even further. PVCT put on another $1.2 in the next session but without any substantial information coming from the company, the price caved in on itself. Given how drastic the price movement over the previous two sessions was, it was practically unsustainable from a purely technical point of view, without any kind of positive announcement coming from the company.

As things stand at the moment, everyone who bought PVCT over the last month is now looking at losses. Volume was fierce during yesterday’s slide and recovery may be difficult.

An hour ago the company came out with another press release and an official filing, addressing a certain article covering the stock that was published yesterday and took a very negative stance on PVCT.

Other companies that shuffled heavy volume yesterday include Medical Marijuana, Inc. (OTCMKTS:MJNA) who kept moving on PR announcements and closed nearly 19% up, at $0.27 per share. The second most heavily traded pot-sector ticker was Creative Edge Nutrition, Inc. (OTCMKTS:FITX) who closed up again, driven by hype and expectations of the outcome of the company’s presentation at the ArcView conference, even though no hard information is out yet.