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In last trading session, the stock price of BIONOVELUS INC (OTCMKTS:ONOV) jumped more than 11% to close the trading session at $0.170. The gains came at a share volume of 1.18 million compared to average monthly share volume of 369,910. A series of paid pumps have brought the stock on investors buy radar.

The pumps

The fact that Bionovelus is the target of a paid pump should issue warnings bells for seasoned investors in and of itself. The stock has been largely stuck in illiquid OTC market oblivion for months, before the paid pump e-mails hit inboxes.

The company’s last financial report highlights an appalling picture. As per the last report, Bionovelus posted cash of just $7,000, making it almost a cashless company. The total assets stood at $1.1 million against the total liabilities of $1 million. To highlight, the company have never ever generated a dime in revenue while it recorded a net loss of $30,000 in the quarter.

The performance

One quick glance at financial report reveals that the company is not even trying to come out of oblivion. The idleness that report indicates it dismal and gets uglier when due diligence is done. The research on past endeavors determines what most OTC investors probably noticed coming with one quick glance at its charts and history. Bionovelus has been involved in some very dubious businesses in the past.

In January 2014, the company was named as First in Wireless Technology Inc. and claimed to spark the much hyped mobile VOIP revolution. Of course, the claimed revolution never happened. However, a large number of ONOV shares made their way into the free market when the hype subsided. At that time, it had to opt for a 1-for-750 reverse split with a change of name as well as management. It appears like company is following its old measures again.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg, Equities.com, Hacked.com, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.

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