Propanc Health Group Corp (OTCMKTS:PPCH) is gradually moving up on the charts and shockingly this move is going unnoticed by many people. The stock started to move up on the charts in last week of May and from thereon has been posting small but steady gains. In last trading session, the share price of Propanc Health declined over 1% to close the trading session at $0.0909. The decline came at a share volume of 7.11 million compared to average share volume of 13.79 million.
The buzz
Propanc tried to push the stock price in the positive direction by releasing a new PR in the first week of this month. However, the PR failed to create any impact on the same day. In fact the stock posted small gains in the following trading sessions and then it was on June 9, when the stock finally recorded a remarkable sessions
The PR
The Press Release of Propanc didn’t contain any substantial information about company’s ongoing operations. In the PR, the management reported that they had briefed investors at the annual SeeThruEquity Conference. It was around the same time when SeeThruEquity also gave a push to PPCH stock price by setting a one-year price target of $1.52. The initial reaction was massive with investors investing in and lifting the stock price to $0.094.
The numbers
Propanc Health Group Corp (OTCMKTS:PPCH) is still in a dismal financial state with $168,000 in cash and total current assets of $308,000. The total current liabilities came at $2.1 million and revenue in the quarter was zero. The net loss came at $454,000. Also, it reported working capital deficit of massive $1.8 million and, $19 million came as accumulated deficit. It is evident that company’s financial numbers leave a lot to be desired. IN addition, a bigger problem is the continued dilution of PPCH common stock.
