Last Friday, First China Pharma (OTC:FCPG) put on what turned out to be one of its strongest market performances ever. Was this a sheer coincidence or an expected turn of events?
Closing at $0.3399 per share, FCPG gained a staggering 70% in value, thus hitting a 15-week record. What is more, the increased investor interest in FCPG stock was indicated by a massive volume of 1.44 million, which is the highest turnover FCPG has generated for the last six-months.
Needless to say, the lack of news and paid promotions suggests that what happened with FCPG last Friday might only be known to insiders. Because, the last time FCPG came up with an official announcement was 11 days ago when the company’s management announced projected annual sales revenues of $55 milllion. However, this number is still approximate as the corresponding 10-K form has yet to see the light of day.
As far as promotions are concerned, the latest effort to pump FCPG occurred on Jan. 18 to limited effect. In fact, instead of scoring high on the next session, FCPG ended up losing 8% in value.
Based on the facts mentioned above, a market makers’ game would hardly come as a surprise.
In terms of financials, FCPG is a registered SEC filer, which is why there is no reason to expect any delay in the publishing of the 10-K report covering the 2011 fiscal year. At present, the company’s most recent report covers the quarter ended Sept. 30, 2011. The document revealed:
- $711K in cash and cash equivalents;
- $18.9M in current liabilities vs. $20.98M in current liabilities, i.e a current ratio of 0.9;
- net sales in excess of $14.2M;
- net income of $493K as opposed to $977K accumulated in Q3 of 2011.
