CardioVascular BioTherapeutics, Inc. (PINK:CVBT) uptrend had another spark up on Wednesday when the stock price added 22.6% on a 1.46 million trading volume, which is nearly 7 times the average.
No news or financial updates were provided and thus the cause for this run-up remains shrouded in mystery. Some sources point that the stock has been featured in one of the newsletter updates provided by damngoodpennypicks.com, but it could as well be the rumors that triggered the buying wave.
The stock started gaining in September, after the company’s competitor failed a major drug trial and CVBT is consequently being watched by a lot of traders. The management stayed quiet for the last two months, so the spread rumors say a new PR should be out soon. [BANNER]
One of the key reasons for such speculations on possible PRs is the company’s previous plan to finish one of its studies by December 2010. The date is nearly here and thus the eagerness has kicked in.
The stock remains risky though – the current market cap of nearly 59 million is already very speculative and assumes the company will be able to further develop at least one of its pipeline drugs. Financial data has been a mystery for nearly a year now, since the last SEC filling was made in December 2009.
