Provectus Pharmaceuticals, Inc. (OTCMKTS:PVCT) Through the Roof on Record Volume
After climbing the charts in a relatively stable pattern since early December, Provectus Pharmaceuticals, Inc. (OTCMKTS:PVCT) had their big break yesterday. The ticker had a mind-boggling session, shifting its biggest share volume ever and closing over 36% up.
PVCT topped the most heavily traded OTC stocks chart with its 5.3 million shares traded. The price stopped just one cent shy of $4.00 per share after climbing in a steady, uninterrupted intra-day march. First and foremost, it should be made clear that PVCT is not a pump job and the company has never been targeted by paid pump campaigns.
Provectus develops cancer therapies and its flagship product is the PV-10 melanoma treatment. When we last covered the company, they have just had a meeting with FDA regulators to discuss the company’s options to push towards final approval and commercialization. The minutes of the meeting and the specific feedback that the FDA provided should have been furnished by mid-January. Provectus are on the brink of disclosing important information, most notably response from the completed Phase 2 trials and the going-forward guidance received from the FDA.
Even though this information is not out yet, yesterday’s spike prompted some traders to suspect that information may have leaked and that institutional buyers may be getting on board. While this is all speculation, the company did generate a whopping $18.5 million in transactions yesterday which is pretty big by OTC standards.
Longs will be hoping Provectus manages to sustain this new price level. A single press release from the company furnishing the meeting details and guidance could propel the price even higher, so nothing is set in stone at this point.
While PVCT was the leader of the pack by a mile, marijuana stocks were once again among the heavy volume tickers. Growlife, Inc. (OTCBB:PHOT) dropped 7% on 48 million shares traded. GreenGro Technologies, Inc. (OTCMKTS:GRNH) were more fortunate, closing over 10% in the green, at $0.41 per share.
