Recently, Advanced Medical Isotope Corp. (OTCMKTS:ADMD) has been in focus as the stock is trading with healthy volumes. However, the momentum has remained quite subdued from last few weeks. There seems to be no clear direction as to where the stock in heading in short term. In last trading session, it declined more than 6% to close the trading session at $0.00310 with share volume of 18.59 million compared to average volume of 55.83 million.
There is a significant reason behind the current confusion in the shareholders mind. The share price of Advanced Medical recorded a substantial correction in last few weeks. Despite the sharp pullback, it is trading well above the levels from where it started its bull run and posted gains of over 600%. The performance of stock price in the last week of February and in the first week of March astonished many investors. In a matter of just one month, the stock price gained over 600% and jumped from the lows of $0.0005 to the current levels. The recent decline can be called as a short pullback.
Advanced Medical belongs to the list of OTC firms that are not regular in issuing press releases. In fact, the company issued its last press release in last December when it confirmed a “de novo” submission with the U.S. FDA. It was pertaining to the commercialization approval for “Y-90 RadioGel”. The release stated that FDA’s decision on the approval is expected in the next 120 days. It can be delayed only if there is an additional request of any other data from the U.S. FDA.
The time-frame as specified by the company is soon going to end. The investors don’t want to miss the opportunity to make quick money and therefore, are putting more money into it. However, it can be a risky gamble as the stock prices can decline sharply in event of a rejection. It has happened with the company before. Last February, the FDA didn’t give its nod to Advanced Medical’s product and said to classify the product under “Class II” medical device category.