Shares of biotechnology focused CytoCore, Inc. (CYOE) will be on high alert Thursday as the uncompensated pick of the most infamous 5 minute gainer. CYOE stock traded less dollar volume on Wednesday than it costs to take a Greyhound bus from Miami to Washington D.C. Today will not be the same and you can see why below when the question arises as to where the shares are coming from that are creating such a stir.
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CYOE Stock Chart
Wednesday Close: 0.0195
20 Day Stats:
Percent Change: 116.67%
Moving Average: 0.0157
Average Volume: 24,623
Issued and Outstanding: 72,397,957
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During the quarter ended June 30, 2012, CytoCore issued to two of the Company’s directors, Mauro Scimia and Xavier Carbonell, 426,427 and 1,023,424 shares of restricted, unregistered common stock, respectively, for consulting services rendered which the Company recorded a charge of $25,500, or $0.02 per share, as a selling, general and administrative expense.
For the six months ended June 30, 2012, CytoCore issued to Scimia and Carbonell an aggregate 1,200,056 and 1,713,019 shares of restricted, unregistered common stock respectively, for consulting services rendered, and recorded $53,500, or $0.02 per share, as a selling, general and administrative expense.
Also, during the quarter ended June 30, 2012, CytoCore issued 849,838 shares of restricted, unregistered common stock to a consultant for services rendered, and recorded $15,000 as a research and development expense.
During the quarter ended March 31, 2012, CytoCore issued 1,066,667 shares of restricted, unregistered common stock to two other consultants for services rendered, and recorded $12,000, or $0.02 per share, as a research and development expense and $10,000, or $0.02 per share, as a selling, general and administrative expense.
About CYOE Stock
CytoCore, Inc. is a biotechnology company that is developing a proteomic-based method of screening and diagnosis for endometrial and cervical cancer. The company’s major product is called the InPath™ System and is comprised of four distinct components: the e Collector™, protein-based biochemical cocktails and Slide Based Tests, the AIPS™ microscope platform, and a drug delivery system for treating cervical lesions.
Click here to view the SEC filings for CYOE.
Bottom Line: CYOE is due to be a breakout penny stock Thursday and should be flipped accordingly. With no news or any reason to go long, CYOE is not a stock you want to be holding come the close of trading today.
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