Genta Incorporated (OTC:GNTA) ended last week on a very high note. So high that it has now left traders believing that GNTA is just about to blow up big time.
Last Friday, GNTA advanced 0.0007 cents, or 31.82%, to $0.0029 per share, its third rise out of the last four sessions and highest close since Jan. 18. A total of 194.3 million shares of common GNTA stock changed hands, which is also a three-week high for the company, as well as 3 times as much as the average daily trading volume.
Thus, GNTA has broken the 50-day moving average again. The last time such a scenario took place was exactly one month ago, i.e on Jan. 13. Back then, the uptrend lasted less than a week, which is why GNTA headed straight down, crossing the MA (50) shortly afterwards. Now, GNTA is in for another upward trend. How long it will continue, however, is anyone’s guess.
Last Monday, GNTA announced it would take part at the 14th annual BIO CEO & Investor Conference scheduled for Feb. 14. So, traders who have a vested interest in GNTA will have the opportunity to get a full-blown overview of the company’s business activities by either watching the live web presentation, or accessing a full replay on GNTA’s corporate website.
Established in 1988, GNTA is a biopharmaceutical company focused on developing cancer-related treatment drugs.
GNTA finished the third calendar quarter of 2011 with:
- cash reserves of $5.9 million vs. $12.8 million a/o Dec. 31, 2010;
- negative working capital of $2.2 million as opposed to a surplus of $7.5 million in Q4 of 2010;
- net loss of $26.3 million largely attributed to debt discount and warrant liabilities.
