The penny stock of Marina Biotech, Inc. (MRNA) is having a tremendous trading session today after reporting premarket that the former Nasdaq listed oligonucleotide therapeutics company regained their SEC compliance. Over 500,000 shares of MRNA stock have already traded within the first 90 minutes of Wednesday’s session and, despite being up as high as 0.8875, up over 40% from yesterday’s close, are due to reach volume levels not seen since February when the PPS reached 1.81. With the ability now to refocus research and developments efforts on expanding its clinical pipeline with the addition of two orphan disease programs, happy sailing is sure to be the short term future for those who loaded up their boats earlier in the week.
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MRNA Stock Quote
Market Cap: 21.78
Last: 0.8501 ▲ +0.2201 (+34.94%)
Dollar Volume: $509,160
14-Day RSI: 75.92%
1st Resistance Point: 0.9517
1st Support Level: 0.6843
52Wk High: 1.81
52Wk Low: 0.195
Unlike many other biotech companies that trade on the OTC, Marina Biotech was a Nasdaq listed company up until February, 2012 when they simply couldn’t meet the requirements necessary to stay up on the big boards. It wasn’t until last week when the 10-K for the year ended December 31, 2013 and the 10-Q’s for the periods ending March 31, 2013, June 30 2013, and September 30, 2013 which allowed for investors to see that $2.115 million in revenues was recorded for the year, about half of what they were for the year prior, but what really popped out was how operating costs decreased by almost $10 million from $12.1 million during 2012 to just $2.48 million during 2013.
However, this year has been a very quiet one thus far while the Company focuses thier efforts and resources on the discovery and development of their own pipeline of nucleic acid-based compounds in order to commercialize drug therapies to treat orphan diseases. No revenues had been booked through the first 6 months of 2014 and, in an effort to clear of some of the burdensome debt, Marina Biotech, on February 24, 2014, allowed for certain debt holders to cash in their secured promissory notes, approximately $1.5 million worth, for 2 million shares of MRNA stock; a per share basis of $0.75.
While, in today’s PR issued prior to the open, J. Michael French, president & CEO of Marina Biotech, admits that its been a rough couple of years, he believes that the company can turn things around and be able to provide some shareholder value with their new developments working with nucleic acids. Seeing as how the jump in share price and trading activity has launched MRNA into the top 10 traded OTC stocks thus far today, a big boost shall soon come when they are swapped over from the pink sheets and over the the OTCBB being that they are now back in compliance with the SEC in regards to updated filings.
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About MRNA Stock
Marina Biotech, Inc., in conjunction with their wholly-owned and financially consolidated subsidiaries, Cequent Pharmaceuticals, Inc., MDRNA Research, Inc., and Atossa Healthcare, Inc., is a biotechnology company focused on the discovery, development and commercialization of nucleic acid-based therapies to treat orphan diseases.
Issued and Outstanding: 25,633,061
Last 5 Trading Sessions:
It’s always great to see a comeback story and MRNA relaunching themselves back into the land of highly sought after real penny stocks has allowed for traders to make a quick buck so far today. With the share structure significantly smaller than most biotech companies listed on the OTC, a continuance to today’s surge for MRNA stock is a highly likely scenario as it should test the $1 before week’s end.