Usually when news or PR announcing a penny stock’s intention of uplisting to a higher exchange like the NYSE or NASDAQ, bulls take over the parade and stomp out the bears. Such was not the case with Senesco Technologies Inc. (OTC: SNTI) despite additional positive comments regarding clinical trials of the Company’s proprietary drug formulas. Setting a new 52 week low on Tuesday and continuing its slide which began in late August, 2012, a bounce play on SNTI stock is imminent and long traders should have a close look at what could be a 200% winner from its current position.
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SNTI Stock Quote
Market Cap: 13.82M
Last: 0.094 ▼ -0.016 (-14.55%)
Volume: 2,390,800
Dollar Volume: $211,107
Open: 0.105
High: 0.107
Low: 0.0801
Trades: 109
Authorized: 350,000,000
Issued and Outstanding: 146,975,283
14-Day Rel Strength: 36.77%
14-Day Stochastic: 23.21%
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At present, Senesco Technologies is sponsoring a Phase 1b/2a clinical trial of SNS01-T for patients with multiple myeloma who have relapsed from, or failed to respond to, at least two previous treatment regimens. According to Tuesday’s PR announcement, the clinical evaluation of SNS01-T is proceeding well with no drug-related serious adverse events and no dose-limiting toxicities.
The studies are being conducted at the Mayo Clinic, as well as the University of Arkansas for Medical Sciences, Randolph Cancer Center in Morgantown and most recently at John Theurer Cancer Center at Hackensack University Medical Center.
Further updates on the Company’s portfolio of a cancer therapeutic trials included comments that significant tumor growth inhibition has been observed that supports Senesco’s belief that the eIF5A platform may be relevant in many different tumor types and be able to provide a series of product candidates for several different cancers. So why the drop in SNTI stock share price over the last 5 months.
First off is that, as with most biotechs in clinical trial phase, no revenues have been recorded of any significant value in the past. Therefore, survival of research programs has to be accomplished by either receiving grant money or selling company stock. With cash and cash equivalents of just $640,125 as of December 31, 2012, there is no chance of being able to make it through Q1, 2013 without issuing more shares which is helping support the bearish performance of SNTI.
What should be looked at with a more bullish approach is the recent proxy statements issued to SNTI shareholders requesting them to vote on the following items prior to the Annual Meeting of Shareholders on March 28th, 2013:
1. To elect ten (10) directors to serve until the next Annual Meeting of Stockholders and until their respective successors shall have been duly elected and qualified.
2. To approve an amendment to the Company’s Certificate of Incorporation to increase the total number of authorized shares of common stock, $0.01 par value per share, of the Company from 350,000,000 to 500,000,000.
3. To authorize our Board of Directors to effect a reverse stock split of our outstanding common stock, $0.01 par value per share, at any ratio up to 1-for-20.
4. To vote on an advisory non-binding resolution to approve the compensation of the Company’s named executive officers.
5. To vote on an advisory non-binding basis to determine whether the non-binding vote on the compensation of the Company’s named executive officer should occur every one, two or three years.
6. To ratify the appointment of McGladrey, LLP as the Company’s independent registered public accounting firm for the fiscal year ending June 30, 2013.
7. To transact such other business as may properly come before the Meeting or any adjournment or adjournments thereof.
If your long on biotechs in search of cancer treatments which just might work, add SNTI stock to your watch list and have a good look at what’s really making this look more and more like it’s a bargain of a penny stock.
About SNTI Stock
Senesco Technologies, Inc., a cancer therapeutics Company, and its wholly-owned subsidiary, Senesco, Inc., is focused on utilizing their patented and patent-pending technology related to certain genes, primarily eukaryotic translation initiation Factor 5A, or Factor 5A, and deoxyhypusine synthase, or DHS, and related technologies for human therapeutic applications to develop novel approaches to treat cancer and inflammatory diseases.
Click here to view the SEC filings for SNTI.
Click here to view the website for Senesco Technologies.
Last 5 Trading Sessions:
| Date | Last | Change | % Change | Volume |
| 03/05/13 | 0.0940 | -0.0160 | -14.55% | 2,390,800 |
| 03/04/13 | 0.1100 | +0.0180 | +19.57% | 119,000 |
| 03/01/13 | 0.0920 | -0.0040 | -4.17% | 560,500 |
| 02/28/13 | 0.0960 | -0.0040 | -4.00% | 415,000 |
| 02/27/13 | 0.1000 | -0.0050 | -4.76% | 749,500 |
Bottom Line: Penny stocks setting new 52 week lows, especially those like SNTI which has an extensive trading history, are always candidates for bounce plays. With clinical trials both prepping to commence and already underway, as well as plans to reverse split for uplisting on to a higher exchange, SNTI stock is prime for long shareholders.
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