Yet Another Successful Session For Affymax, Inc. (OTCMKTS:AFFY)
It seems that even the lack of press releases or any other news about Affymax, Inc. (OTCMKTS:AFFY) can’t stop their recent upward movement in the charts. This is coming after a long period that lasted nearly a month in which their price was hovering around the $1 mark, seemingly going nowhere.
The case of AFFY is very interesting and this is probably the main reason for which we are covering them that much. We have written quite a few articles about them recently, even more than the press releases that the company is making. This, however, is due to the fact that their stock is rising for no apparent reason and it is doing so on decent volumes of traded stock.
The stock started its climb in the chart on July 24 with a shy 3.54% gain and a volume below their average of 925 thousand, with a total of 581 thousand shares and the session was similar to the ones that we were seeing in the 3 weeks before it.
The very next day, however, something that we hadn’t seen in a while happened. There was an article in the headlines of AFFY‘s Yahoo! Finance profile that was very optimistic and it helped draw investor attention.The same day AFFY‘s stock added 13.68% to its value with an increased volume that was more than doube their average, with a total of 1.99 million traded shares in the end of the day and a trade value of $2.5 million.
The next 2 trade sessions went with lower upward percentile movements of 9.02% and 4.83%, seemingly slowing AFFY‘s ascent. This is probably due to the fact that no actual news from the company came out. At the moment the content of the press releases made by the company is crucial for its stock’s price.
For no apparent reason yesterday AFFY gained 15% in price on very high volume. The transition from $1.52 to $1.75 was accompanied by heavy trading throughout the day. Most of the trades were in the early hours of the session, but that didn’t manage to stop the price from going up. The total amount of traded shares in the end of the day came at a whopping 5.5 million making AFFY one of the biggest winners in yesterday’s session with a trade value of $9.4 million.
However, even though they are looking promising at the moment, there is still that ongoing joint investigation of OMONTYS’s side effects that is being carried out by Takeda and the FDA. At least we can say that the company is not burning through its cash reserves, as all of their staff was let go by The Brenner Group, who were hired to restructure the company while some answers about the reasons for the 3 fatalities of patients treated with the drug are available, a matter that we discussed in more detail in our previous articles on AFFY.
Until no definitive news from the investigation are available it is hard to tell if AFFY‘s stock will continue its upward movement, so be sure to do your due diligence and weigh out the risks for yourself before you make a decision to invest in them.
On the other hand, another respectable OTC company with decent financials took a blow in yesterdays session. After a good 7 month run, Corporate Resource Services Inc (OTCBB:CRRS) was hit with the biggest percentile movement in a downward direction since the beginning of the year. Their stock lost 13.82% from its value and is currently being traded at $2.93.
Soul and Vibe Interactive Inc (OTCBB:SOUL) was probably the biggest winner in yesterday’s quiet session with 17.80% up, making the total gain since July 18, when they started climbing the charts come at 837%. They are currently being traded at $1.39 per share.