So far, 2015 is shaping up as an impressive year for Cocrystal Pharma Inc (OTCBB:COCP). Its stocks witnessed a massive surge last month that sent it above a dollar per share for some time. On Wednesday’s trading session, it attempted another bull run, reaching for the dollar mark and succeeded to close well above it. The stocks surged more than 4% to close at $1.06, after more than 1.23 million shares changed hands.
Cocrystal executed a merger deal with a privately held Biopharma company back in November 2014. After the deal with RFS Pharma, with Cocrystal as the surviving firm, it published the consolidated financial results of the combined business. As per the report, it had $3.1 million in cash, $121,000 in revenue and loss of $6 million from operations. The company reported current liabilities of $8.6 million.
The appreciation of Cocrystal share price in February took place on large volumes and was supported by a short-lived pull-back. Another rally in last week of February pushed the price to close above $1.00. Surging more than 125% within a month is the distinguishing feature of hugely speculative pink sheet companies. Cocrystal is traded on the OTCQB platform and has Dr. Frost as a board member. Considering the small details, it is not close to a fly-by-night flipper. However, the sharp run in COCP stocks was both largely irrational and difficult to sustain.
The other details
After closing above a dollar, investors will closely monitor the movement of Cocrystal in the next trading session. The overbought status and volatility resulted in profit taking at the start of the week. The Cocrystal Pharma Inc (OTCBB:COCP) stock is working its way back up and succeeded in pushing itself past the dollar for the third time in last five sessions. The investors will wait to see if its has enough fuel to carry on its run.