Things obviously went well yesterday after Ohr Pharmaceutical, Inc. (OHRP) allowed their CEO, Dr. Irach Taraporewala, to present a corporate overview and business update at the 2nd annual Marcum MicroCap Conference at the Grand Hyatt Hotel in New York City. Shares of the pharmaceutical company’s penny stock matched its new high set yesterday and is looking like it is not yet finished. While many traders are scurrying over to grab some OHRP stock, they should be aware that a 1-for-3 reverse stock split is set to take place on or about Monday, June 3, 2013.
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OHRP Stock Quote
Market Cap: 112.44M
Last: 2.14 ▲ 0.19 (9.74%)
Dollar Volume: $144,832
Issued and Outstanding: 54,059,336
14-Day Rel Strength: 87.41%
14-Day Stochastic: 96.77%
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Ohr Pharmaceutical has, since March 19, 2009, been perfecting AVR118 (also known now as OHR/AVR118). OHR/AVR118, which was acquired for $100,000 in cash and $500,000 principal amount of 11% convertible secured non-recourse debenture due June 20, 2011 convertible into common stock at $0.40 per share, recently completed a Phase II trial for the treatment of cachexia. None of the shares were ever converted since the Company repaid the secured debenture on December 29, 2010.
If that isn’t a strong sign of what Dr. Taraporewala had in his pocket when he was speaking yesterday in front of institutional investors, sell-side analysts, and investment bankers, then I don’t know what is.
A boat load of warrants were exercised back in early April making Ohr Pharmaceutical’s cash balance grow to $6,821,545 at the end of Q1. But even prior to the warrants exercising, the cash balance at Ohr, $1,765,208, was still more than 5X their TOTAL LIABILITIES: $317,936!
No wonder OHRP stock has been trending upwards for the last 7 trading sessions and setting new highs in the last few. With the RS upcoming and the “D” to be added to OHRP for 20 trading sessions, it’s easy to expect to see that the run should continue and maybe even test $3 before the end of June.
About OHRP Stock
Ohr Pharmaceutical, Inc. is a biotechnology company focused on the development of the Company’s previously acquired compounds with a focus on the clinical development of our two later stage lead products, OHR/AVR118 for the treatment of cancer cachexia (multi-symptom wasting disorder), and Squalamine for the treatment of the wet form of age-related macular degeneration (“AMD”) using an eye drop formulation.
Last 5 Trading Sessions:
Things are looking great over on the ORHP trading screen and should continue to flow even after the reverse stock split next week. Having OHRP stock in your penny stock portfolio to close out June could be the best medicine around for those who have been looking for that next great biotech stock.
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