Today, the trading of Proteonomix, Inc. (OTC:PROT) stock will possibly be affected by a press release from the company from yesterday afternoon, and by some promotional newsletters sent in the evening that could provide broader coverage for the latest announcements and attract more volume. 
PROT closed yesterday at $0.72 for a share, which is a 10.77% gain from the previous close. The trading volume amounted 15,920 traded shares, which is almost equal to the average daily volume that the company traded in the past 30 days. A stronger volume due to the combination of news and promotions could drive PROT share price up for a while, and the next hard resistance could be met at $0.80 for a share.
According to our database, PROT has been featured in three promotional e-mails so far, all sent after market close yesterday. The disclaimers point that two promoting websites are involved in the campaign. The one promoter received $35,000, the other $15,000 as compensation for the online marketing service, paid by two different third parties.
Proteonomix published also the second PR for the week after market close yesterday, announcing the company’s intentions to test its StromaCel technology offshore through its subsidiaries before the start of the trials in the United States. On Monday, PROT also said that it had decided to “examine the possibility” of licensing its technology related to diabetes to another company.
The more indefinite PROT press releases sound, the lower their impact on the market. As seen on the chart, PROT share price fell to the $0.60 support this week, and the volume that the above mentioned “news” brought in has been rather mediocre. In addition come the company’s financials, which showed a working capital deficit of over $6.5 million as of June 30, 2011, $514 in cash and equivalents, declining revenue, huge losses and significant convertible debt.
PROT market cap of only $4.78 million looks low for a biotechnology stock, yet it is probably too high compared to the negative stockholder equity and the minor sales. It would be interesting to follow for how long PROT consolidation period could last.
