Provectus Pharmaceuticals, Inc. (OTCMKTS:PVCT) Retreats After Explosive Run
Yesterday the stock price of Provectus Pharmaceuticals, Inc. (OTCMKTS:PVCT) retreated once again, with the ticker charting a second red session following a mad bull rush that sent PVCT over 70% up in December. The price slipped 18% down this week, on volume that is gradually decreasing but still far higher than the average.
Provectus came out with a press release yesterday, in the wake of the company’s shareholder meeting on Monday. The release was accompanied by an 8-K filing that briefly summarized the matters voted, including the company’s reincorporation in Delaware and the name change to Provectus Biopharmaceuticals, Inc. – both accepted with an overwhelming majority.
The release also informed that PVCT has appointed Mr. Bob Miglani to its corporate advisory board. Miglani holds the position of senior director of external medical affairs at NYSE-listed biopharma giant Pfizer (NYSE:PFE). Mr. Miglani is the second expert working for Pfizer to join PVCT‘s advisory board, following the 2011 addition of Dr. Craig Eagle.
Investors have already got their antennae twanging with speculation about how this is no random act and should be interpreted as an sign of endorsement on part of Pfizer, aboyt how this is a display of significant interest in PVCT and is hinting at acquisition plans. This is, of course, a very big stretch and is not backed up by any more specific evidence but the old mantra of buying the rumor and selling the news may attract more traders to PVCT.
This week’s red movement is far from disastrous and is a natural retrace following a massive spike. People often love to trade penny stocks instead of hold them so it’s only natural to see a sell-off after a sharp surge. Provectus should come up with news from the FDA regarding PV-10 soon and investor hopes are riding on news of an accelerated push of PV-10 through Phase 3 trials.