Last week, Northwest Biotherapeutics, Inc (OTC:NWBO) submitted a new bunch of amended financial reports. Since such amendments had been filed back in late-January, investors’ reaction was mild at best, hence the run-of-the-mill performance of NWBO stock on the market throughout the week.Yesterday, however, the company’s shares suddenly became a subject of extremely intense trading – more than 1.37 million shares had changed hands by the time the market session ended. The record volume inevitably had an adverse impact on the price. The latter lost 36% in value, closing at $0.42.
Although NWBO pretends to specialize in such an important field as the development of immunotherapy products aimed at treating cancer, investors do not seem quite fascinated by its stock. Only some 500 company-related posts have been submitted on iHub since 2005. The consistent low interest in NWBO stock might have something to do with a class action lawsuit filed against the company and the CEO Alton L. Boynton over a misleading press release in 2007. Back then, NWBO mistakenly announced that one of its products had received approval to be sold in Switzerland. [BANNER]
No matter how often NWBO amends its financial report, its financial health is far from stellar. According to the company’s latest amended Q3 report covering the period ended Sep. 30, 2010, it has:
- an enormous working capital deficit exceeding $19 million;
- a net loss of $3.6 million, plus $15.6 million accumulated throughout Q1 & Q2 of 2010.
Considering the figures mentioned above, NWBO stockholders have every right to question Boynton’s annual remuneration of $614K. So far, it does not seem justified. However, the company has already made significant progress in the development of its product candidates. In case it succeeds in creating even a single cure for cancer, the company will make a quantum leap on the stock market.
