Why Is OncoVista Innovative Therapies (OVIT) On Fire?

OVIT Stock, OncoVista Innovative Therapies Inc.With the annual JPMorgan Healthcare Conference, often called the Superbowl of biotech, officially underway, penny stocks like OncoVista Innovative Therapies, Inc. (OVIT) can somewhat justify why they have gained 443% since their low of 0.06 last week Thursday. Not a peep of news has flowed in over a year from the development stage company that is focused on identifying specific biomarkers in the bloodstream carried by CTC’s to detect metastatic tumors, yet traders have now sent OVIT stock into orbit after it recorded its third consecutive trading session of volume over 500,000. Despite the website being “under maintenance” and an accumulated deficit of approximately $24,331,557 as of 3 months ago, perhaps something has happened since their last Q filing.

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OVIT Stock Quote
Close 0.435 Change (% Chg) +0.18 (+70.59%)
High 0.5050 Low 0.30
Open 0.30 Prev Close 0.255
Volume 1,018,564 Avg Volume 192,580
14-Day Rel Strength 83.32% Market Cap $9.41M
52Wk High 1.75 52Wk Low 0.0066

At the beginning of every year, biotechs and pharmaceutical stocks run like they stole something, most of the time for triple-digit gains, in the background of the major announcements coming from the JPM HealthCare Conference. We’ve seen OncoSec Medical Incorporated (ONCS), Advaxis, Inc. (ADXS) and Amarantus Bioscience Holdings, Inc (AMBS) all launch during this time of the year and how others who also saw unwarranted runs take place thanks to well timed PR announcements and IR firms which knew how to get their name in lights.

So why is OVIT stock suddenly surging?

According to a letter to shareholders from almost 4 years ago, OncoVista said they were moving full-speed ahead in executing their strategy to develop targeted, safer and more efficacious cancer treatments with reduced or no toxicity. What OncoVista has in its pipeline are:

  1. Cordycepin (OVI-123) (TdT-Positive Refractory Leukemias)
  2. L-Nucleoside Conjugate (OVI-117)

Cordycepin the Company’s first clinical-stage development compound that is focused on being a treatment option for certain leukemia patients that are either refractory to currently-used chemotherapeutics or have experienced a relapse. Their L-nucleoside conjugate technology selectively targets certain cancer cell characteristics which make those cancer cells vulnerable to the actions of the drug, but leaves the healthy cells unaffected.

What’s interesting is that OncoVista was planning to reinitiate the Phase I/II clinical trial of Cordycepin to determine the maximum tolerated dose, and expect to start enrolling patients in 2014 if additional financing was available. They further believed that their L-nucleoside conjugate candidates, OVI-117, also was ready to enter Phase I clinical trials in 2014 if additional financing was available.

Nevertheless, a lack of sufficient capital nearly cut research and development costs in half to $125,000 for the three months ended September 30, 2014, as compared to approximately $222,000 for the three months ended September 30, 2013. The cash on hand at the end of the period, $75,631, surely was not enough to reignite any clinical trials either.

Wexford Spectrum Trading Ltd., who owned 2,164,284 shares of OVIT stock a year ago is out and CAMOFI Master LDC/CAMHZN Master LDC, c/o Centrecourt Asset Management LLC, who owned 1,987,045 a year ago and filed a lawsuit to obtain 1,980,712,767 shares and an additional 702,857,500 warrants owns, as of June 16, 2014, 1,189,353.

No matter how you look at it, it all seems weird how little to no cash, declining interest from insiders from a year ago, no news for the last year, a down website and a pipeline stuck in limbo while awaiting funds can stimulate OVIT stock to run for the last 3 trading sessions.

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About OVIT Stock

OncoVista Innovative Therapies, Inc. is a development stage biopharmaceutical company developing targeted anticancer therapies by utilizing tumor-associated biomarkers with a product pipeline that is comprised of advanced (Phase II) and early (Phase I) clinical-stage compounds, late preclinical drug candidates and early preclinical leads.

Click here to view the SEC filings for OVIT.
Click here to view the website for OncoVista Innovative Therapies.

Authorized: 147,397,390
Issued and Outstanding: 21,627,868

Last 5 Trading Sessions:

Date Open High Low Last Change % Chg Volume
01/12/15 0.3000 0.5050 0.3000 0.4350 +0.1800 +70.59% 1,018,500
01/09/15 0.1600 0.2600 0.1500 0.2550 +0.0850 +50.00% 579,700
01/08/15 0.0600 0.1900 0.0600 0.1700 +0.1100 +183.33% 564,300
01/07/15 0.0600 0.0600 0.0599 0.0600 unch unch 444,600
01/06/15 0.0700 0.0700 0.0600 0.0600 -0.0200 -25.00% 146,100

 

Bottom Line:

The run OVIT has been on doesn’t seem to be a typical one penny stocks like it have gone on in during the healthcare conferences that take place in January. Is their new financing in place to get their clinical trials up and running or is it simply a matter of OVIT stock having a share structure that will allow for it to run like it stole something? Whatever the case may be, keeping a close eye on that “under construction” website may just reveal a secret not yet known by the public.

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