Last Monday the stock price of Advanced Medical Isotope Corp. (OTCMKTS:ADMD) jumped almost 10% to close the day at $0.0041. The stock price has remained subdued from past few weeks. However, it is not clear whether it is the start of a bigger correction or a small pullback.
There is a reason behind the prevailing confusion in the investors mind. The stock price of Advanced Medical has undergone a massive correction in past few weeks. Still, the stock is trading well above the point from where it posted gains of more than 600%. The performance in the last week of February and first week of March has been surprising. The stock price initiated its gains from level of $0.0005 in the last week of February and gained more than 600% in last one month. The recent drop can be termed as a short pullback.
Advanced Medical Isotope Corp. (OTCMKTS:ADMD) has been one of those OTC firms that are not very frequent in issuing press releases. It was in last December when the company issued a press release stating that it submitted a “de novo” submission with the FDA for commercialization consent for its patented product “Y-90 RadioGel”. The PR stated that last decision is expected to come in the next 120 days, only if the U.S. FDA didn’t demand for additional requests. The mentioned time-frame is going to end and investors are putting in their money into the stock anticipating the approval.
The press release issued by Advanced Medical also focused on various other facts that need to be analyzed. Last February, the FDA disapproved the company’s product and recommended that it should be reclassified under a “Class II” medical device. In case, the device gets the clearance, it will require dealing with another problem. The company doesn’t have adequate funds to support the commercialization process, as per last report it had cash of just $525!