Cellceutix Corp (OTCMKTS:CTIX) is one of the OTC stocks that has not been performing well in this year. At the start of the year, the stock was trading close to $5 but in last few months it eroded almost 50% of its market value. After posting two green sessions in this week, the stock consolidated in yesterday’s trading session to close at $2.76. The trading volume was 141,224, much higher than average share volume of 261,289.
There are several optimistic press releases issued by the company but all of them have failed to support the stock price. The positive impact has been short-lived forcing the stock to return back to its downward trend. It is unfortunate to see the stock performing so poor particularly when it is well equipped compared to other OTC Biotech firms.
As per the latest report released at the end of March, Cellceutix had cash of $10.8 million. The net loss in the quarter was $2.89 million and revenue was $0. The current liabilities and current assets stood at $7.3 million and $17.07, respectively. It is promising to see that Cellceutix had significant amount of cash to help it carry out its ongoing operations. Moreover, it is progressing well with trials. Last week, the company announced that it received approval from IRB to get additional enrollment in clinical trial.
The future ahead
The PR had a positive impact on Cellceutix Corp (OTCMKTS:CTIX) as it opened with a gap up at $2.40 and continued to climb up on charts to make an intra-day high of $2.69. However, it retreated and closed at $2.61, registering gains of 12.50%. Almost 414,000 shares changed hands generating a massive daily dollar volume of $1.07 million. The company has a market cap of $291,000 and the share looks a bit overvalued compared to other OTC Biotech firms.