Yesterday the share price of Provectus Pharmaceutical, Inc. (OTC:PVCT) broke out of its trading channel on the highest trading volume since end-March. That was probably the consequence of some announced news and it is not very likely for PVCT to start an uptrend right now. 
The intensive trading session closed with a total gain for PVCT of 12.05% at $0.93 for a share. Trading volume was a few times the average with 422,321 traded shares and at first sight it might signal that the stock would come out of its defined trading range and start rising up. Given that PVCT market value of over $103 million is already inflated, and that no significant news had been announced yesterday, it is questionable if a new trend is starting though.
Early in the morning PVCT issued a press release which said the company had formed an independent Board to comply with NASDAQ corporate government requirements that require a majority of independent Board Members. That was accompanied with a change in the management as well as a previous member of the board resigned and became the company’s Chief Technology Officer instead.
Although that announcement may actually sound like a first step towards PVCT listing on the NASDAQ, it should not be a reason for a stable increase in the share value. PVCT filed its quarterly report about a week ago in which it is evident that the company has no revenue sources whatsoever and its product development will need more cash than PVCT currently has.
The intended dermatology drug product candidate (PH-10) requires further development, and the $5 million that the company had in cash at the end of the first quarter do not seem sufficient to cover the operating expenses for much more than three months.
