NuGene International Inc (OTCBB:NUGN) Struggles To Recover

[[tagnumber 0]][[tagnumber 1]]NuGene International Inc (OTCBB:NUGN) has been the target of a massive $2.28 million paid promotion lately and managed to finish the month of May without a single session in the red. It continued to climb the charts undisturbed in the first sessions of this month and reached a price of $4.31 per share on June 10.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The daily volumes were pretty serious compared to other entities traded on the OTC markets. It seems, however, that the buying pressure finally caused the ticker to fail and it did so with a massive 39.44% loss on June 11, dropping to a price of $2.61 per share.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The company stock itself is highly overvalued despite the fact that [[tagnumber 10]]NUGN[[tagnumber 11]] is generating decent revenues and the numbers in its report for the first quarter of the year don’t look so bad.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 15]] [[tagnumber 16]]cash: $618 thousand[[tagnumber 17]] [[tagnumber 16]]current assets: $1.33 million[[tagnumber 17]] [[tagnumber 16]]current liabilities: $304 thousand[[tagnumber 17]] [[tagnumber 16]]sales: $481 thousand[[tagnumber 17]] [[tagnumber 16]]net loss: $240 thousand[[tagnumber 17]] [[tagnumber 26]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]][[tagnumber 10]]NUGN[[tagnumber 11]] is also aiding the pump with press releases, but has come out with a statement informing investors that the company is “[[tagnumber 32]]unaware of the full nature and content of[[tagnumber 33]]” the promotional activity. This happened after and inquiry from the OTC Markets.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The ticker has so far failed to fully recover after the drop. It did manage to log in an impressive 22.61% gain in the day after the correction, but has made small percentile movements since then. The latest session ended with a 6.52% loss and [[tagnumber 10]]NUGN[[tagnumber 11]] closed at $3.01 after 764 thousand shares changed their owners and generated $2.35 million in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]][[tagnumber 10]]NUGN[[tagnumber 11]] is dropping today as well. The company stock is 4.65% in the red as of the writing of this article and you should proceed with caution considering the inflated market cap and the recent promotional activity.[[tagnumber 2]]