The share price of Cocrystal Pharma Inc (OTCBB:COCP) has been witnessing a rollercoaster ride from past one month. The company didn’t launch any PRs or announced big to attract investor attention. Still, the share price is trading at high volumes, and stock is going up and down the charts. On Thursday’s trading session, COCP stocks declined more than 8% to close at $0.870, with healthy volume of 1.53 million. Periods of decline follow periods of ascent. However, the general direction in which stock trading was up. BY now, COCP stock is almost 100% higher than its price at the beginning of February.
The financial performance
The financial performance of Cocrystal isn’t that impressive considering it is a biotech firm. After it announced its merger with RFS Pharma in 2H2014, the financial numbers have failed to impress investors. As per the last quarterly report, the combined entity had a cash of $3.1 million. The revenue was $121,000, and loss from operations touched $6 million. The current assets and current liabilities stood at $6 million and $8.6 million respectively.
Cocrystal Pharma Inc (OTCBB:COCP) informed that they had increased the count of authorized shares to 800 million from 200 million. The outstanding Series B and Series A preferred stock has been converted into almost $2.05 billion and $3.40 common shares, respectively. Also, the company announced on the same day that the management will present at ‘Barclays Global Healthcare Conference’ coming Thursday. The news prompted COCP stocks to move up in two consecutive trading sessions.
The downfall in yesterday’s trading session came after share price jump of 13.76% on Wednesday’s trading session. The price rise was supported by heavy volume of $2.49 million. The stock has started to correct, and it appears that once again Cocrystal Pharma stocks will fail to cross the crucial $1 mark. IN any case, investors should take due diligence before investing in the company.