IMMUNE THERAPEUTICS INC FLA (OTCMKTS:IMUN) Logs a Mystery Surge
After a two-month stretch of little excitement and a slow deflation in share price, Friday brought a lot of excitement and a volume spike for Immune Therapeutics Inc (OTCMKTS:IMUN). By the bell IMUN managed to climb a massive 47% on over 740 thousand shares traded. Intra-day, the price hit highs of $0.36 per share. The only question here is – why did any of this happen?
There is no real reason for the spike that we could trace. It seems investors on discussion boards on the Internet are equally confused about yesterday’s price hike. The company did put up a new 8-K filing that informed of the appointment of Mr. Saiid Zarrabian who is to be part of IMUN‘s board of directors but this sort of announcement hardly has the power to send the price up in leaps and bounds.
As per the 8-K, Zarrabian will receive 5,000,000 IMUN shares for his services, whose term is undefined. Along with his appointment to the IMUN BoD, Mr. Zarrabian will also serve as president and director of Cytocom Inc – a subsidiary of the company.
Not exactly the kind of news that could send a stock nearly 50% up in a single day, you will agree. Barring this 8-K, there is nothing new surrounding IMUN that could have caused this spike in activity. The company’s previous filing is its Q2 report and this contained the following:
- $22 thousand in cash
- $3.9 million in current liabilities
- $5 thousand in Q2 revenues
- $2.5 million in Q2 net loss
IMUN is a world of opportunity on paper but very little of what the company planned and announced has materialized in the form of revenues. Old 2014 reports state that IMUN intended to commence sales and operations in the state of Malawi before the end of 2014 – something which has still not happened, judging by the revenue figures. The same report mentions a deal with a distributor who had purchased 500 cartons of Lodonal for $150,000 – a deal that mysteriously never showed up in the company’s revenues.
With plenty of red flags about the stock and an unexplainable green move, investors should do well to pause and do their own due diligence before trying to chase IMUN up the charts.
