InVivo Therapeutics Holdings Corp. (OTCBB:NVIV) Shuffles Management, Closes Up Again
InVivo Therapeutics Holdings Corp. (OTCBB:NVIV) had another strong session yesterday, with volume picking up once again. The stock closed over 14% up on 1.4 million shares traded and NVIV climbed a little over 70% in five consecutive sessions.
The company’s stock has been rallying for a while now, after the price was squashed by the announcement of a considerable delay in the testing of its flagship spinal cord injury treatment. With human trials starting early next year and a staggered testing procedure demanded by the FDA the test results will be ready in a little over two years from now. News of the delay seem to have scared shareholders and the price tanked. Over the last five sessions NVIV doubled from an intra-day dip under the $1.00 mark to a close of $2.05 yesterday.
Yesterday the company posted news of changes in its BoD. In addition to the board shuffle, NVIV‘s CFO Mr. Sean Moran stepped down from his position, effective immediately. His duties will be temporarily be undertaken by NVIV‘s interim CEO, Michael Astrue. Mr. Moran’s resignation provoked controversial reactions in traders on discussion boards ranging from excitement due to the fact that Mr. Moran also bought 60 thousand NVIV shares over the last couple of weeks, to anxiety that he quit the post so quickly after buying. Speculation that insider buying rules in the state of a buyout may have forced his resignation is still just that – speculation.
The company also informed that due to those structural changes NVIV will not present at today’s healthcare conference in New York City that we mentioned in a previous article. This in turn seems to have provoked further price anxiety in some traders, who fear the five-day green streak may take a blow due to the company’s absence from the conference.
Trader opinions seem to be polarized and it’s very difficult to make any predictions in the current state of affairs around the company. Investors are advised to do their own due diligence and weigh any possible risks and advantages.
Other hot OTC stocks in Monday’s session include Cellceutix Corp. (OTCBB:CTIX) who shifted 4 million shares despite closing just 1% up. Affymax, Inc. (OTCMKTS:AFFY) generated considerable dollar volume as well but ended the session 4% in the red.