Suddenly, Elite Pharmaceuticals, Inc. (OTC:ELTP) landed on the massive trade. Yesterday, the stock surged 9.43% and 
managed to trade over 3 million shares for the day.
Following the records, the only possible explanation on the huge gain appears to be a stock alert by the promotional website smallcapnetwork.com. The alert came up yesterday and stated that within the last few weeks ELTP “has taken its best shot at snapping out of the rut”.
Although the website claimed that “a profit is still years off”, the promoter pointed a couple of key developments that have brought ELTP closer to the goal-line.
Obviously, the announcement was strong enough to inspire traders, though it’s still not certain how long the up move will resist.
Elite Pharmaceuticals, Inc. engages in the development, manufacture, and license of orally administered controlled release drug delivery systems and products in the United States. The last press release by the company dates from March 22, when they announced their Development and License Agreement with a private Hong Kong-based company for Elite to develop for the customer a branded prescription pharmaceutical product in the US. Since that time, no news on ELTP has been released.[BANNER]
Since January this year different members of the company’s team have acquired or disposed huge amounts of ELTP shares of common stock, explained as “distribution of shares to its members”. However, what is peculiar about these transactions is that these have lasted for four months (until April 26).
Apart from the above-mentioned, the latest 10-Q report of ELTP looks rather disturbing and contains going concern considerations that make the company’s future indefinite.
