February was a great month for Cocrystal Pharma Inc (OTCBB:COCP) and its shareholders as it share price surged and doubled in a matter of just 15 days. However, the last few trading sessions dragged it down and is now hovering around the $1 mark.
The month of March commenced with a climb as well. Having posted just one trading session in the red zone since the beginning of March, Cocrystal stocks managed to cross $1 per share level on last Tuesday, closing at $1.01. The next day it went to close around $1.06, and the volume surged as well, with $1.33 million.
The financial performance
Cocrystal itself is in a decent financial state after it bought private Biopharma firm RFS Pharma back in 2014. Since then the company has reported the consolidated financials, and the figures look like this. The cash that the company had was $3.1 million with current assets standing at $6 million. The current liabilities came at $8.6 million. Cocrystal posted revenue of $121,000 and loss from operations was massive $6 million.
In the numbers, everything looks fine, apart from its current liabilities. Cocrystal Pharma Inc (OTCBB:COCP) is one of the rare biotech firms in the OTC markets that is posting some revenue, even though it is low at the moment and is not enough to meet the operation costs. The appreciation of COCP price in February happened on large volumes and was strengthened by a short pullback.
The strength of Cocrystal is Dr. Philip Frost, who is a member of company’s board and also a 22% shareholder. He brings a lot more credibility to the company. The price of $1, however, translates the market capitalization of COCP above $120 million. After closing above $1, investors will closely watch the movement of Cocrystal share price in the upcoming trading sessions.