Pharmacyte Biotech Inc (OTCMKTS:PMCB) recorded a green session on Wednesday and then eroded all the gains in the very next trading session. Again, on the last trading session of the week, the stock price of PMCB surged more than 6% to close the trading session at $0.162. The gain came at a share volume of 2.90 compared to average share volume of 5.22 million.
The roller-coaster momentum doesn’t come as a surprise for investors that have tracked Pharmacyte stock in last few months. The company states that it is making progress in respect to its scientific research, and the claims have certainly supported ever decline. The analysts and markets seem to be optimistic about the potential of The Cell-in-a-Box technology to help insulin-dependent diabetes people get rid from daily insulin injections.
Pharmacyte financials fails to impress anyone as the company posted no revenue as recorded in the latest quarterly report. The cash balance was $958,000 and total liabilities stood at $378,000. The quarterly net loss was $1.45 million. The numbers are not sound, but probably it is the series of paid promotions that eroded investors’ confidence in the company in the past few months. As seen in most of the cases, the prolonged pumps have done no good to stocks. So far in year, the company has seen more than 100 touts.
The gain on Friday session can largely be attributed to Pharmacyte’s update on the first stage of safety testing of the Melligen cells conducted in mice. The Institute of Virology completed the trial and the results show that Melligen cells are equally safe as the cells encapsulated with the company’s Cell-in-a-Box® technology and later used together with the leading cancer drug ifosfamide. It is the first study in animals and additional dose finding and safety as well as efficacy trials are planned to be carried out in the near future.