On Thursday, Advaxis, Inc. (ADXS.OB) shares slipped by 4.72%. The downward slalom started on Sept. 16 shortly after the company’s 10-Q report was published. While the prices were dropping, the number of traded shares increased and reached the unprecedented volume of 6 million, the highest value during this year.
Advaxis is a biotechnology company trying to come out with a specific cancer fighting vaccine. So far the company has had nine distinct cancer-fighting constructs in various stages of development.
On Sept. 22 ADXS.ob gave out that it had gotten a carte-blanche to test its lead agent, ADXS11-001 in India. Nonetheless, investors weren’t moved much by this announcement, thus the effort for reversing the downtrend of ADXS failed. In fact, the stock price reached its lowest level since the beginning of the year.
Being a development-stage company, it is easy to guess that ADXS’s financial state is far from an optimistic one. First, the company has accumulated a $27.7 million deficit along with a considerable increase in liabilities. Second, according to ADXS’s 10-Q report, the operating loss has jumped to $1.8 million.
Seemingly, the company will probably need a tangible and stable source of income to bring back the investors’ interest.
