On July 30, 2015, the stock price of NuGene International Inc (OTCBB:NUGN) made a high of $3.32 per share. In the following nine sessions, the company closed twice in green and now is sitting nearly Eight sessions later during which the company registered only two ending in the green and the stock was now sitting nearly 57% lower.
NuGene submitted its financial report for 2Q2015 on Wednesday following which the stock declined drastically on the chart. In yesterday’s trading session, the stock crashed over 32% to close the trading session at $1.50. The decline came at a share volume of 1.01 million compared to average share volume of 299,967.
As per the latest report for the quarter ending June 30, 2015, NuGene had cash of $486,000. The total current assets came at $1.16 million against the total liabilities of $268,000. The sales came at $536,000 and net loss was $772,000. Despite the recent decline, the market cap of the company stands at $79.29 million. Quarter-over-quarter, the company revenues surged by $50,000 and the net loss jumped by almost three times.
The paid pumps
The stock price of NuGene International Inc (OTCBB:NUGN) is further facing pressure due to the paid campaigns that has been going from last few months. The buzz around the company was created by circulating the glossy hard mailers. As per the latest disclaimers, the pumpers have been compensated $4.4 million to run the promotional campaign.
The future ahead
It is evident that there are holders of free trading shares who want to liquidate NuGene stock in open market. These shares are presumably purchased at a price of $0.0033. Also, in a separate 8-K filing submitted in July, the Chairman of the company’s board and the CEO are in the list of defendants in a complaint submitted by the firm Stemage Skin Care LLC.