In February, the stock prices of MABVAX THERAPEUTICS (OTCMKTS:MBVX) recorded a new 52-week low of $0.832 per share. In the next few weeks, the performance continued to be subdued as it hovered around $1 per share. The stock saw a surge in prices along with volumes indicating that investors’ sentiment towards Mabvax stock is changing.
Mabvax opened last Tuesday at $0.945 and close the week with gains of more than 50%. On Friday, MBVX stock surged over 25% and crossed the key level of $2 to close at $2.30. The traded volume was 247, 00 shares compared to its 30-day average volume of 33,000, clearly indicating the rising interest in company’s stock. The recent surge jump has been nothing less than impressive. However, there is no justified reason that can support increase in prices. The last press release came on March 3, 2015 and it disclosed no substantial information. The press release stated that Mabvax will be presenting at Annual Roth Conference that was organized in between March 9 to March 12.
The financial performance
As per the last financial report released at the end of September 30, 2014, Mabvax reported cash of $3.4 million. The total current assets came at $3.9 million whereas $2.8 million were total current liabilities. It reported quarterly revenue of $72,000 with net loss amounting to $3.28 million. The cash reserves are not sufficient for the company to carry out its operations. It had to look for new external sources of funds. The annual report for FY2014 is set to be released by the end of March which will further give a clear view of Mabvax’s financial state.
MABVAX THERAPEUTICS (OTCMKTS:MBVX) has two drug candidates in Phase II trials and result from one of them is expected to release in near future. The company plans to shift neuroblastoma vaccine program into Phase II study. By late 2015, it will try to move two antibody-based drugs into Phase I clinical trials.