The stock price of Cocrystal Pharma Inc (OTCBB:COCP) went on a impressive quick run last week, surging nearly 50% within two trading sessions. The stock price cooled off more yesterday, declining 3.42% to stop at $1.13 per share. The share volume was 683,313. Wednesday’s trading session was no better as the stock lost more than 9% by the close of the day.
The New Year has been quite good for the Cocrystal shareholders. The company is known for its antiviral inhibitors as well as for having Dr. Frost as a major shareholder. The stock price surged from a low of $0.50 per share to its recent high of $1.51 in almost two months. The first boost came on February 9, 2015 when the company released a filing highlighting a merger deal with RFS Pharma, LLC and presenting the balance sheet of the former private company.
Cocrystal Pharma Inc (OTCBB:COCP) held its ground strongly after a brief correction in last week of February and early in March. Last month was more of gains for the company’s stock price. The stock surged ahead of its annual financial report and the gains extended on the day of the filing. As per the latest report, Cocrystal recorded $3.9 million in cash. The current liabilities came at $9.1 million. The annual revenue was recorded at $9,000. The annual loss from operations came at $5.7 million.
Cocrystal actually reported just $99,000 in annual net loss but it is due to the enormous $5.7 gain reported as ‘change in fair value of derivative liabilities.’ The resulting net fails to provide a realistic view of the company’s actual cash expenses. The company’s previous two big gains in 2015 have been followed by corrective sessions extending to almost three days. Whether this time, it will happen or not will be seen in the next week.