and managed to trade over 58.5 million shares on the market. A huge gain for ACT, considering the fact that its average volume totals about 5 million shares. The question is what has provoked it?The most reasonable answer to this question turns out to be the latest news about Advanced Cell Technologies. Yesterday, the company announced it has received FDA clearance for its first clinical trial for its treatment of muscular degeneration and the hold on that trial has been removed.
After the first announcement came up, a second one appeared, reporting that the FDA has approved the second clinical trial of ACT and the company was completely satisfied with the benefits it could receive.[BANNER]
The positive news immediately attracted investors’ attention and the stock started the high trade.
Advanced Cell Technology is a biotechnology company focused on developing and commercializing human embryonic and adult stem cell technology in the emerging field of regenerative medicine. As already mentioned on hotstocked.com, at the end of September the company was on a low trade and tried to support its stock by positive news and promotions, though unsuccessful.
Presently, the company’s financials are still disappointing as its liabilities are more than six times higher than its total assets and the operating loss cannot be covered yet. According to its quarterly report, Advanced Cell Technology has no expectations for generating any revenues and the team relies only on raising funds through capital transactions. In that case, the only thing left for ACT is to hope that its clinical trials will be successful.
