InVivo Therapeutics Holdings Corp (OTCMKTS:NVIV) Slides Below $2 Once More
During yesterday’s session InVivo Therapeuticals Holdings Corp (OTCMKTS:NVIV) put an end to the relatively stable period of the last two weeks and plummeted 13% down. For the most of the trading day the stock was staying just below the $2 mark but right before closing time it took a sudden dive and stopped at $1.74.
The past five months have been quite tumultuous for the stock of the company. In July they reached a new 52-week high of $6.20 per share just to lose it all a month later when in a matter of days they dropped from $4.25 to less than a dollar, a new 52-week low. If the current correction will turn into a more defined negative remains to be seen.
The developments around the company follow closely the volatility displayed on the stock chart. Almost the entire management team has by now been changed with the first one stepping down being the ex-CEO Frank Reynolds due to “health concerns”. Well, it turns out that he quickly got better because in November Mr. Reynolds founded new medical company – PixarBio Corporation, that will be developing biomaterials for a drug delivery system for patients with Parkinson’s disease.
NVIV also had trouble with their recent financial results due to the massive net loss of $33 million they disclosed for the nine months covered by the report. The company found it necessary to explain on a couple of occasions that most of the sum was due to a change in the fair value of their warrants amounting to $19 million.
Currently NVIV are waiting for a response from the FDA after they filed a protocol with proposed changes on November 21. An answer should be given in a 30 day period and if the changes are approved it could significantly accelerate their clinical trial for their main product – a biopolymer scaffolding for spinal injury patients.
NVIV still have more than enough cash reserves to fund their operations so no significant dilution should happen. That however doesn’t mean that less caution should be used when attempting any trades with their stock. Be sure to do your due diligence and always plan ahead.
Yesterday Makism 3D Corp (OTCBB:MDDD) crashed horribly by plummeting more than 40% down and barely stopping at $0.604. The pumpers don’t seem too concerned though and today a new round of email alerts touting the company was released. North American Oil & Gas Corp (OTCBB:NAMG) also suffered a crash albeit on much smaller scale. NAMG dropped 13% and in early trading today are another 2% down trading for $0.877 per share.