The year didn’t picked up well for numerous OTC firms including Axxess Pharma Inc (OTCMKTS:AXXE). At a point in January, the stock price traded close to 20 cent. However, the positive momentum was short-lived and the stock price crashed down on the charts and made a low of $0.062 in March.
The momentum
Axxess Pharma stock prices surged after it received an approval from FDA to sell its TapouT branded products. Also, the company estimated sales of $2.5 million YOY which was taken positively by the investors. Following the buzz, the stock registered strong gains on hefty volumes. It seems that investors now are assessing their positions and booking profits at every rise, the impact of which is seen on AXXE stock price.
The financials
As per the latest report, the company had cash of $8,621. It posted current assets of $241,696 and current liabilities were $4 million. The annual revenues came at $76,797 and $4 million was annual net loss. The financial numbers clearly suggests that Axxess Pharma stock can move north on charts and fetch more investor attention. Following the price decline, neither the press release nor pumps came to support the plunging stock price.
The promotions
The problem of volatility increases as the company’s stock remains a prime target of pumps. The latest series started coming at the start of this week. It is one of the reasons behind the decline of 12.05% on Monday’s trading session closing at $0.073 per share. Also, the daily share volume was double the average traded volume of 2.18 million. The daily trade value in dollar terms was $160,000.
In last trading session, the stock price of AXXESS gained more than 2% to close the trading session at $0.0817. The gains came at a share volume of 2.17 million compared to average share volume of almost 1 million.
