Since the beginning of the month, Cytomedix, Inc. (OTC:CMXI) has been playing jump rope with the 200 day moving average. Yesterday was no exception.
CMXI opened at $0.36 and closed at $0.44 – up 25.71%. The volume was also a lot higher than the average.
Before the markets opened yesterday, CMXI issued a press release. The company announced the launch of its Hair Restoration Wound Care Program at the Annual Scientific Meeting of the International Society of Hair Restoration Surgeons.[BANNER]
It is doubtful if the PR was the reason for the performance of CMXI stock. It is not all that exciting, keeping in mind that the product has been on the market for a long time and professionals should already know of it.
Additionally, the more significant price and volume action didn’t start until noon. It is possible the movement was the result of market maker activity.
The latest quarterly of CMXI shows the company is still losing money, $1.2 million loss from operations for the quarter. There has also been some dilution and the cash CMXI had at the end of Q1 is almost gone. However, it should be noted that the liabilities of the company have been reduced to $5.4 million compared to $7.2 the previous quarter.
Today, CMXI is starting the session about where it closed yesterday. There is just not enough clarity about where CMXI will go on the long run. For now, however, barring some really exciting development, CMXI doesn’t seem to have a reason for a very significant move in either direction.
