Elite Pharmaceuticals Inc (OTCMKTS:ELTP) managed to close at the end of the last trading session with a gain of 1.44% but the structure of the daily candle didn’t make the bulls very comfortable. The volume of the day at 6.3 million was much higher than the daily average of 1.2 million but most of that can be taken as a result of a major bout of profit booking at the higher levels. The price rejection at the higher levels is clearly evident from the distance between the day high and the final closing price of the day, creating a bearish Shooting Star pattern.

After recording a double-digit price jump last Wednesday, Elite Pharmaceuticals Inc (OTCMKTS:ELTP) seems to further extend its gains. On Friday, the stock surged another 3% and closed the week at $0.244 per share, after registering share volume of more than 1.1 million shares.

The company issued a press release last week, which initiated the up move of ELTP stock on the chart. It reported positive top-line report from its Phase III pivotal studies for its opioid abuse-deterrent candidate, ELI-200, intended to cure moderate to severe pain.

The highlights

The issued report states that that there is proof of statistical importance of pain relief when comparing groups taking placebos and ELI-200. Also, the PR came up with an additional announcement of Elite Pharmaceuticals plans to present a NDA with the U.S. FDA by the end of next year.

Outside of this bit of PR, the company has been quiet on its other filings and news releases. The last report came in August 2015 and covered the financial numbers of quarter ended June 2015. It presented a set of healthy numbers, supporting recent up move in ELTP stock.

The performance

As per the latest quarterly report for the quarter ended June 2015, Elite Pharmaceuticals recorded cash of $11.6 million. The current liabilities came at $3.3 million and revenue in quarter was $7 million. Elite stated that income from operations came at $2.5 million in reported quarter.

The company’s bottom line performance is inflated significantly by a positive change of fair worth of derivative liabilities amounting to $13 million, but even without it, Elite Pharmaceuticals actually registered strong numbers in quarter. This financial report was followed by Form 4 filings. However, they failed to provide any information useful for shareholders. Elite Pharmaceuticals next financial report is due in mid-November.