Acusphere, Inc. (PINK:ACUS) Scores a Major Movement in Terms of Price and Volume
Posted on October 11, 2011 at 09:39 AM EDT
When Acusphere, Inc. (PINK:ACUS) placed an IPO in 2003, it went public at $14.00 per share. Now, eight years later, ACUS still has no final products to offer, which is why its shares have shrunk to a sub-penny level. Yesterday, ACUS took a breath of fresh air. Mysteriously surging by 16%, it closed the session at a three-month high of $0.093 per share. Neither official news, nor paid advertising efforts have come up, hence the lack of any evident reasons that could explain this movement. Anyway, the jump is a fact. Moreover, it was accompanied by a giant volume spike, as well. By the end of the trading session, ACUS had shifted more than 1 million shares, which had not occurred in the last 52 weeks. ACUS describes itself as a pharmaceutical company specialized in developing a special cardiovascular drug called Imagify which is aimed at detecting coronary artery disease. The latter is among the leading causes of death worldwide. According to the latest official update, which popped up on Jun. 8, Imagify had finally been granted an SPA by the U.S Food and Drug Administration. It means that the company's product candidate is now ready for a Phase 3 study. In addition, the company is also in the process of seeking regulatory approval for Imagify in Europe. Even if ACUS succeeded in launching a revolutionary product on the market in due course, it would hardly attract a wider investor audience unless it sheds more light on its financial condition. The latest financial data we have stretches back to 2007, which is why it can hardly serve as a credible indication of ACUS's current state.