and soared 4.75%, while its traded volume jumped up to over 1 million shares. That’s a very unusual value, as compared to Harbor’s average volume of 176 thousand shares. Though, it’s too soon for an uptrend to be registered.Following the records, no reasonable explanation on the high trade can be found. The last announcement by Harbor was on the closing of its $2.5 million equity financing. The announcement was made in June this year and according to it, the HRBR shares and warrants have been sold in units at a purchase price of $0.35 per unit. Since then, no further announcements on Harbor could be found, which raises questions on the recent stock move.[BANNER]
Harbor BioSciences, Inc. is a clinical-stage pharmaceutical company, engaged in the discovery and development of products for the treatment of diseases related to aging. Recently, China Analyst ranked the company as having “the 2nd highest upside potential in this segment of the market” with a consensus target price of $6.00.
Historical data shows that HRBR used to trade approximately 50% higher this March, though since then the price has moved down.
According to its latest 10-Q report, the company has been “unprofitable since our inception in August 1994” and by March this year it had an accumulated deficit of approximately $254 million. HRBR has also incurred high expenses and a net loss and it expects the losses to continue.
As Harbor doesn’t expect to generate any revenues in the foreseeable future, it will definitely need additional capital to continue researching and testing its drug candidates. The company also expects to incur negative cash flows and cannot be certain on any financing.
Today, the high momentum of HRBR seems to be interrupted, so traders should keep their eyes wide-open on the future movement of the stock.
