Bionovelus Inc. (OTCMKTS:ONOV) Corrects
After a rather slow start of the year we saw the stock of Bionovelus Inc. (OTCMKTS:ONOV) move sideways until it began climbing the charts in the end of April. The ticker continued to gain altitude and managed to increase its upward momentum in this month, gaining impressive value.
The upward climb helped ONOV recover to the price ranges at which it was back in the beginning of September 2015 when it was the target of a paid promotional campaign. As it happens with many pumps the stock suffered greatly and lost quite a lot of the value that it had gained. It wasn’t that big of a surprise, though, considering the poor financial state of ONOV.
- cash: $4 thousand
- current assets: $4 thousand
- current liabilities: $681 thousand
- revenues: ZERO
- net loss: $25 thousand
Those numbers are quite terrible, even by OTC marketplace standards. Meanwhile, the company has expressed desire to become fully reporting with the SEC and even try to uplist to “more visible marketplaces”. If they are talking about national exchanges they are really going to have a hard time meeting the requirements.
It would also appear that ONOV’s upward run might be coming to an end. The past couple of sessions have shown the company stock lose momentum and the ticker lost 17.71% in yesterday’s trading, closing at $0.144, while a total of 525 thousand traded shares generated $76 thousand in daily dollar volume.
A new press release from earlier today announcing that the company is ready to ship its CR-10 eco-friendly fungicide to Costa Rica was able to stabilize the stock from falling further down the charts after it hit a low of $0.112 per share in early trading today. You should still be sure to do your due diligence and weigh out all the risks before putting any money on the line.