Rock Creek Pharmaceuticals Inc (NASDAQ:RCPI) renamed itself from Star Scientific Inc early this year. The company is in the business of developing treatments for neurologic disorders and chronic inflammatory diseases.
Shares of the company have traded sideways more than 85% since the beginning of this year that the stock has fallen short of the minimum price bid for listing on NASDAQ Stock Market. As such, the company was warned of possible delisting from the market if it failed to correct the deficiency, according to an article published by MarketWatch.
The management of Rock Creek Pharmaceuticals Inc (NASDAQ:RCPI) recently appealed to have the company maintained on NASDAQ listing. A meeting with a NASDAQ panel has been planned for this month. In the meantime, the management is working to strengthen the company’s share price to comply with the $1 minimum bid price required by NASDAQ.
On other developments, Rock Creek Pharmaceuticals Inc (NASDAQ:RCPI) updated that it was working hard to advance the development of its lead drug candidates with hopes to commence clinical trials next year. The company also looks forward to attaining milestones in the same. According to the company’s CEO, Michael J. Mullan, their target markets for the lead drug candidates are the Europe and the U.S.
In the quarter ended September 30, 2014, Rock Creek Pharmaceuticals Inc (NASDAQ:RCPI) disclosed that it suffered a net loss of about $10 million, which was wider than $3.4 million in the comparable quarter in 2013. The increase in losses in the latest quarter was attributed to higher spending on research and development, stock-based compensations and severance costs. Insurance for the company’s directors and officers also eat into the company’s 3Q finances, leading to the wider loss.
Rock Creek Pharmaceuticals Inc (NASDAQ:RCPI) revealed a loss of $0.05 per diluted share for the latest quarter. That compared with the loss of $0.02 per diluted share for the like period.
No pumping activities have been reported in the stock of Rock Creek Pharmaceuticals Inc (NASDAQ:RCPI) and shares trade close to the 52-week low. Investors are hoping that shares of Rock Creek will enjoy a significant lift if certain milestones in the drug development projects are achieved.
A day after Rock Creek Pharmaceuticals Inc (NASDAQ:RCPI) made a new 52-week low at $0.14 bounced back in yesterday’s trading session to close up by 11.84% at $0.17. The stock is currently trading below its 20-Day EMA and 50-Day SMA of $0.18 and $0.23. The volume in the stock has been pretty low on the upside hence it cannot be termed as breakout.