After reporting strong gains last week, the stock price of Pharmacyte Biotech Inc (OTCMKTS:PMCB) declined 11% to close at $0.138 in last trading session. It is a quite weak start to the week. The stock tried to hold its gains but failed to sustain it on Monday. The decline came at a share volume of 3.75 million compared to average daily volume of 2.48 million.
Pharmacyte is a Biopharma company with a difference. However, the difference is that unlike several other OTC Biopharma companies, the stock price of Pharmacyte is being adversely hit by non-stop paid pumps. There have been almost 100 promotional emails targeting the company’s stock price since the start of the year and there are no indications of promoters stopping to send them.
The latest promotional email was released on April 1, 2015. The promoter firm Obitstocks received $5,000 to tout PMCB stock price. There were three other emails, each supported by compensation of $5,000. The three pumps were sent on the previous day.
Pharmacyte stock price surged 28% on March 26, 2015. The reason was the release of the ‘research report’ by Goldman Small Cap Research. The research report focused on PMCB and in fact would have carried a considerable importance if its disclaimer did not stated monetary compensation given by an unnamed third party.
As per the last quarterly report, Pharmacyte Biotech Inc (OTCMKTS:PMCB) had cash of $958,000. The total liabilities stood at $378,000. The company posted quarterly net loss of $1.45 million while revenue figure was zero. The company is taking all the required measures to instill confidence in its investors. The attempts are sometimes successful when the investors get excited through constant release of press release. However, considering the fact that the stock price has remained a target of promotional emails, investors should approach the stock with caution.