Patriot Scientific Corporation (OTCMKTS:PTSC) Corrects Further
Yesterday Patriot Scientific Corporation (OTCMKTS:PTSC) dropped nearly 11% further, after an initial correction on Friday that came in the wake of a huge green spike. Monday’s session had significantly lower share volume compared to the initial drop, at just 4.4 million shares traded.
The original bout that sent PTSC into orbit was caused by a press release that came after a long stretch of silence from the company’s PR department. PTSC announced they had won a lawsuit against HTC Corporation – the popular Taiwanese mobile manufacturer. The infringement was of certain claims contained within a microprocessor patent held by Patriot.
The news provided an immediate boost to the stock price. On the day the news hit the wire, after half a session of very calm share volumes, PTSC burst into a flurry of action and the price skyrocketed by 62% in just half a day. We warned our readers that jumps of such proportions are very prone to retracing back down.
The first red day following the surge was not hugely damaging to those who got into PTSC during the climb but with a second red session that dipped close to pre-spike values intra-day, things are still looking shaky for the ticker in the short term. On the other hand, the decrease of share volume into more reasonable amounts may indicate that things are calming down.
PTSC is currently 7% up in early trading.
Other OTC tickers that moved significant volume in Monday’s session include Titan Pharmaceuticals, Inc. (OTCBB:TTNP) who are going through their own mad green run, closing nearly 24% up. Bullfrog Gold Corp. (OTCMKTS:BFGC) slumped 22% after a volley of paid pumps targeted the ticker.