After Arrayit Corp (PINK:ARYC) shot up 26% last Wednesday, a third party wasted no time launching a paid promotion in support of ARYC stock. As it turned out yesterday, however, the investment never paid off.
Closing trade at $0.23 per share, ARYC lost 4.17% in value shifting a total volume of 31, 600 shares, slightly fewer than the daily average trading volume. Thus, it dealt a blow to the hopes of those investors who had expected that what ARYC did on the day before could actually hold out. With no news available, ARYC will hardly enjoy sustainable chart growth anyway.
Established in 1993, the Californian company is primarily focused on developing life science tools and integrated systems designed for the analysis of genetic variation, biological function, and diagnostics both nationwide and abroad.
When ARYC reported a 60% revenue increase for Q4 2011 over Q3 of the same year, investors’ response was rather lukewarm. No wonder, because a sharp look at ARYC’s financial situation pretty much speaks for itself: a working capital gap in excess of $8 million is too much to bear, at least for the time being. Even though the net profit of $24 thousand is by no means a positive sign, it will take ages before ARYC goes in the black if its earnings grow at this rate.
