On Thursday’s trading session, the stock price of Pharmacyte Biotech Inc (OTCMKTS:PMCB) dropped more than 8% and made a new 52-week low of $0.0720 per share. The decline was supported by strong share volume of 6.75 million against monthly average share volume of 1.48 million.
Pharmacyte put up a string of four new press releases in the month of September but those PRs seemed to do very little in boosting investor’s confidence in the stock. The latest press release informed about the company’s measures taken to approach closer to Phase 2b trials. It stated that they have commenced Phase 2b clinical study push. However, it is just the first step and still there is some time left to enter into the Phase IIb stage.
At the very least, Pharmacyte was upfront on the matter and stated that this first measure was the first step towards the anticipated launch of the clinical study.
The financial performance
Here is what Pharmacyte had to reveals on its financial performance as of its latest quarterly report for the period ended July 31. As per the report, the company cash reserves came at $2.9 million. The revenue in quarter was zero and loss from operations stood at $1 million. Also, the current liabilities were no less than $1.1 million.
Pharmacyte Biotech Inc (OTCMKTS:PMCB) maintained its cash position, with a jump from the yearly report filed in late July. The company’s outstanding shares have remained relatively unchanged, increasing by less than a million in the reported period. However, the total count is approaching 750 million. A few promoters opted for another pump campaign in September, with two promotional emails circulated on September 16 and 17, 2015 with a total compensation amount of $21,000.
Pharmacyte Biotech Inc (OTCMKTS:PMCB) has been in the grip of a vicious long term bear market for a long time now and even the huge spikes seen have turned out to be nothing more than intermediate corrections. The price action yesterday was just the latest display of the bearish strength as the stock finished the last trading session with a loss of 8.63%. The sign of capitulation was clearly evident from the volume of 6.7 million yesterday, against the daily average of 1.6 million. The most expected scenario would be hitting new life time lows.