Yesterday, CardioVascular BioTherapeutics, Inc. (PINK:CVBT) gave investors two alternatives to choose from: either sell at a profit shortly after the beginning of the session, or take the risk of staying till the end, hoping for even bigger gains.
Those who were wise enough to cash in on their shares sooner rather than later managed to strike it rich. Risk lovers, on the other hand, ended up being the big losers of the day. By the time the trading session came to an end, CVBT had already gone down 13.6% to $0.38 per share, nowhere near the $0.53 high reached earlier. In the end, more than 839 thousand shares of CVBT stock changed hands, marking a three-fold increase over the daily average trading volume.
A quick look at the facts indicates that CVBT has not issued any corporate updates for more than three months now. Nor has it been a subjects of any promotional campaigns. The last time investors got any company-related news was on Feb. 3. Back then, CardioVascular BioTherapeutics announced it had applied for an FDA “fast track” approval for its CVBT-141B – a biological therapy designed to treat ischemic disease. As it is, the company needs to obtain FDA’s blessing in order to embark on the Phase III trial.
As far as CVBT’s financial discipline is concerned, its current financial state is shrouded in mist. Being a limited information provider, the company has not filed any decent regular reports since 2008. According to its 10-Q report covering the quarter ended Jun. 30, 2008, CVBT had:
- $391 thousand in cash;
- a working capital deficit in excess of $6.7 million;
- a six-month net loss to the amount of $6.9 million.
CVBT has remained evasive about any subsequent reports, which raises substantial doubt whether the company has actually managed to make any improvement for all these years. Nevertheless, CVBT can always decide on adopting a much more transparent approach regarding its policy toward stockholders.
