Cellceutix Corp (OTCMKTS:CTIX) signaled a continuation of the short term downtrend in the opening moments of the last session but finally finished the day with a gain of 0.45%. Normally this kind of gain would not be considered but the intraday recovery was significant in two aspects. The first one would be the formation of the daily candles as a Bullish Hammer with bottoming indications. The second would be the day low at $0.9412, very close to the lower boundary of the long term channel containing the entire decline for the last 10 months. The volume of the day at 1.1 million against the much lower daily average of 331,000 is encouraging for the bulls.
A report issued on a investor forum proved lethal for the stock price of Cellceutix Corp (OTCMKTS:CTIX) as the stock recorded massive decline in the past few months. The stock has eroded over 60% of its market value compared to its price in the mid-July and things seems to get worse in coming period.
It is rather surprising that Cellceutix has suffered massive losses due to a report whose writers disclosed that they hold short position in company’s stock. Still, the market capitalization of Cellceutix was pretty big, but it doesn’t suggest that the company has poor financials. As per the latest report, Cellceutix disclosed cash reserves of $8.41 million. The current assets were no less than $8.76 million while current liabilities came at $7.29 million. Cellceutix recorded annual net loss and revenue of $13.14 million and $0, respectively.
Cellceutix was established to deal with some of the fatal diseases known to man. It is a firm that firmly believes in the underlying strength of its technology and science. The company’s science provides it the belief to state that they will be successful in their planned trials and that CTIX shareholder will benefit in coming period. Cellceutix has numerous clinical studies going on across three separate drugs; not many firms of its size can achieve that.
The future ahead
The management understands that because of recent success Cellceutix can be targeted by market participants who can influence financial markets by means of false information, which is why they are now fighting dynamically to get the record straight. Cellceutix team is undeterred and will move forward with its objective to bring its promising product pipeline to fruition and get new life saving drugs that this world needs. Following the same course, the company’s legal counsel sent a letter to Rosen Law firm to show company’s commitment in fighting fraudulent charges.