“Is it justified?” That is a major question in financial forums and blogs all over the Internet, concerning the performance of ProtoKinetix Inc.(OTC:PKTX). Indeed, this stock did perform nicely in the last day of the week. But what about the catalyst for this almost 100% increase?
So, an all-time high in volume, making up for 81% increase in the stock price, the session closing at $0.05 per share. No news at hand, yet more than 3.5 million shares exchanging hands. Vivid discussions all over the Internet, vivid short-selling activity. To be precise, out of these 3.5 million shares, 1.9 are on the account of shorters. As usual in the penny stock world, promoters also joined the race. Yesterday, a newsletter came out, which could focus additional attention to this stock. Given the lack of any fundamental catalyst at present, it is uncertain what this week would be for ProtoKinetix.
What is more, this company is not under the habbit of posting press releases and announcements on a regular basis. Since the beginning of 2011, there has been 3 announcements, the last one dating back from the beginning of June. The balance sheet of the company is not much of a source for optimism, either. The last 10-Q, covering the first 3 months of this year, includes the following, among other figures: [BANNER]
- $1.8k in cash;
- $21k in total current assets;
- $223k in total current liabilities;
- $24 million in accumulated deficit;
- $446k in net loss;
Not the best financial statement out there, not the worst, either. Yet, it is not balance sheet figures that are discussed in financial forums. It is the possibility of this sudden spike being a pump and dump,and the possibility of great news coming, which would sparkle sustainable growth in the stock price.
