Bio Matrix Scientific Group, Inc. (PINK:BMSN) Sees Huge Volume
In the final day of last year’s trading Bio Matrix Scientific Group, Inc. (PINK:BMSN) saw 244 million shares change hands – more than half of the company’s outstanding. The reason for all the excitement around the stock is sadly shrouded in a thick fog.
After BMSN managed to dig itself out of the $0.0004 hole it was in around Christmas Eve, it started shuffling up the chart with no obvious catalyst. There seems to be no pump in circulation to promote the stock, and the company itself has not come up with any optimistic press releases that could potentially throw overly eager investors into a frenzy. The only bit of significant recent news around BMSN is that the company changed its public accounting firm for a new one.
On the other hand, BMSN has not yet provided its yearly report for their fiscal year ending September 2012 and the most current numbers investors have to look at date back to June 2012. Sadly, those numbers were not too pretty in the first place:
- $29 thousand in cash
- $1.6 million in current liabilities
- ZERO revenue since inception
- $522 thousand quarterly net loss for fiscal Q3
Considering how there is nothing to excite interest, even if based purely on forward-looking statements and hype, it’s a little wonder BMSN traded as much as it did in the post-Christmas sessions. The company looks like it’s not really fit to keep climbing considering its financial situation and the last session saw it surge up but close almost flat after a sustained spike.
Traders are advised to be extra careful with sub-penny stocks as these look like a great opportunity to make a buck for cheap but are also susceptible to great volatility and therefore very risky.