Cellceutix Corp (OTCMKTS:CTIX) Crashlands Below $3
For Cellceutix Corp (OTCMKTS:CTIX) the whole trading week has been painted red. In four sessions it obliterated nearly 15%. Yesterday the stock dropped 1.72% and is currently sitting at $2.86. During the session CTIX racked up a dollar value of $1.52 million while 531.7 thousand shares changed hands.
The most recent news on the company still remains the PR from Oct 31. Maybe this is what’s causing the stock’s continuous downfall, the lack of recent news, or at least some people on investor forums sure seem to think that way.
With the aforementioned PR, CTIX announced that Dr. James Alexander was appointed as the new company COO, effective as of Oct 27. Then the PR continued with the new company member’s “address to shareholders”. The doctor talked about CTIX and the progress it has made, and then he mentioned the Form S-3 filed on Oct 30.
The registration statement would allow the company to raise up to $75 million by offering or selling “any combination of debt and equity securities”. The doctor disclosed that the company might not even “exercise the registration”, and only time will tell whether CTIX will turn to it for help “should a unique opportunity arise”.
What potential investors shouldn’t ignore when looking into the stock, is that all of CTIX‘s major drugs are still undergoing Stage 2 clinical trials, and that’s why the company has no products released on the market yet. Furthermore, the 10-K discloses that the drugs currently under development “are not likely to be commercially available for several years”, and that the company doesn’t expect to “complete the development of a product candidate for several years, if ever”.
Investors would do well to familiarize themselves with all the details surrounding CTIX before deciding whether or not to make an investment.