After having traded relatively flat since the summer of ’09, the penny stock of Adamis Pharmaceuticals Corp. (ADMP) has been climbing since its February 23 low: 0.121. Up over 668% since, ADMP stock is closing in on the $1 range, a level not seen since June, ’09, after setting a new 52 week high on Friday. The bullishness of the penny stock has been fueled by the Company’s three promising drug candidates for the potential treatment of human prostate cancer as well as their products in the anti-inflammatory, allergy and respiratory field.
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ADMP Stock Chart
Market Cap: 89.49M
Close: 0.91, up 0.15 (19.74%)
Volume: 306,646
Dollar Volume: $257,524
High: 0.93
Low: 0.74
Trades: 121
Average Trade Size: 2,534
Authorized: 200,000,000
Issued and Outstanding: 98,345,238
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Neither press updates, nor revenues, are responsible for driving the price of this emerging biopharmaceutical company. No news has been released in nearly a year and no revenues have been generated for at least the last 30 months as of June 30, 2012. Odd considering the Company’s business strategy is to generate revenue by launching its allergy and respiratory products in development in order to generate cash flow to help fund expansion of the division, as well as support its future cancer and vaccine product development efforts.
Even with the Company’s annual meeting which was just held at 8:00 a.m., PDT, on October 10 at their executive offices located at 11455 El Camino Real, Suite 310, San Diego, California 92130, no news or updates on the product pipeline, specifically the single-dose emergency epinephrine injectors used in the treatment of anaphylaxis. However odd it may seem, hedge funds are loving ADMP stock.
One such hedge fund, Eses Holdings (FZE), a foreign investor, purchased, via a private placement, 30 million shares at $0.25 per share. Add in a couple of convertible note payables issued during 2012 with conversions fixed at $0.25 and above, and you can see what’s been keeping the lights on at Adamis. The only thing that could maybe start to bring in some money int he near-term prior to the Company’s allergy and respiratory candidate is their contraceptive gel product candidate named Savvy (C31G®), an alternative for women who seek a non-hormonal method of contraception.
Whatever it is that’s driving the PPS of ADMP stock, it has made the penny stocks of OncoSec Medical (ONCS) and TNI Biotech (TNIB) look like chump-change.
About ADMP Stock
Adamis Pharmaceuticals Corporation (click here to visit website) is an emerging pharmaceutical company engaged in the development and commercialization of a variety of specialty pharmaceutical products. Focused on the development of preventive and therapeutic vaccine products and cancer drugs for patients with unmet medical needs., the Company’s products are concentrated in major therapeutic areas including oncology, immunology and infectious diseases and allergy and respiratory.
Click here to view the SEC filings for ADMP.
Bottom Line: ADMP has been a tremendous runner for sleeping penny stocks and should be watched closely, especially considering its been nearly one-year since they issued any news updates. There is little chance of ADMP stock being a scam considering you don’t need to spend time on PR when you’s creating biopharmaceutical products that can change the world.
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