DDXS closed the market yesterday at $0.25 with no change from the previous close. Though, without any particular reason the trading volume of the stock exploded to over 3.24 million shares. Maybe today’s trading session will show if investors’ attitude towards the shares has suddenly reversed and is now going into positive, or if the share price will keep the downward direction.
The last event announced by the company was a presentation at the Canaccord Genuity 5th Annual Cardiovascular, Diabetes & Obesity Conference on December 7, 2010, where the CEO had to provide a corporate overview on DDXS. A couple of days before that, the latest SEC filing was a shares registration statement. DiaDexus registered nearly 8 million shares of its common stock with a proposed maximum offering price of $0.4958. That shares are subject to outstanding and future awards under the company’s 1996 Stock Options Plan.
That could be considered a positive signal, maybe implying that the overall both short- and long-term pessimistic attitude currently may reverse. The company has a $23.6 million cash position, which however together with the insufficient revenues will still not be enough to cover the high research and development costs and the interests on the outstanding liabilities.
Earlier this year, an event concerning DDXS future sales also did not have any positive effect on the share price. DiaDexus had by that time two commercially marketed formats of its PLAC Test designed to help identify individuals at increased risk of suffering a heart attack or a stroke. In May, the company had to suspend the commercialization of one of the two tests. It looks like there is still no news about the subsequently filed with the FDA premarket notification seeking clearance for an enhanced version of the product.
