Tengion Inc. (OTCMKTS:TNGN) Makes Some Upward Progress
The stock of Tengion Inc. (OTCMKTS:TNGN) has been sliding down the charts for more than 3 years now, having short-lived gains that just slow it’s descent. In the latest sessions we see just that, but only this time the volumes of traded stock are much bigger.
The ticker had 4 sessions in the green lately on as much as 10 times the average volume. The news coming from the company are also optimistic and might provide for some nice gains, but the stock will probably continue its downward course afterwards.
Yesterday, TNGN added a good 17% to its price and closed the session with a price of $0.27. We saw around 1.3 million shares that switched hands during the session, which generated $368 thousand in dollar volume.
The company reported that it has made quite a lot of progress with their Neo-Kidney AugmentTM implant that was tested in 5 patients with advanced chronic kidney disease (CKD) in Phase 1 clinical trial in Sweden and so far is well tolerated.
And even though the general direction of the stock is downward the company’s latest financial statement which covers the period ended September 30, 2013 boasts some serious numbers.
- cash: $7.5 million
- total assets: $12.4 million
- current liabilities: $13.7 million
- total liabilities: $23.7 million
- revenue since inception: $0
- net loss: $7.2 million
As you can see, the company has quite a lot of cash on hand to back up its current operations, however, it seems at this moment that the expenses are a bit overwhelming. There is still quite a lot of time before TNGN will have a revenue producing product, so there is the risk that their cash reserves might become insufficient for their daily operations in the near future.
In any case, be sure to do a lot of due diligence and weigh out the risks, before you make a decision to invest in TNGN.
The medical marijuana sector climb has finally come to an end and we saw Growlife, Inc. (OTCBB:PHOT), Medical Marijuana Inc (OTCMKTS:MJNA), Cannabis Science Inc (OTCMKTS:CBIS), Hemp, Inc. (OTCMKTS:HEMP) and GreenGro Technologies Inc (OTCMKTS:GRNH) end yesterday’s session in the red again.
