After a three-day decline last week, the stocks of OncoSec Medical Inc (OTCMKTS:ONCS) started Monday’s trading session on a strong note. The shares surged more than 11% to close at $0.355 in last trading session with more than 3.80 million traded shares. As of now, the company is trading close to its 52-week low of $0.31.
On Friday, OncoSec announced its financial numbers for the quarter ended January 31, 2015. The company posted cash of $30.69 million, total assets of $32.71 million and current assets of $31.32 million. The total liabilities came at $1.5 million whereas net loss was $4.61 million. The disappointing part was revenue as OncoSec reported zero revenue in the quarter.
If the financial numbers are compared with the other firms on the OTC marketplace, the numbers will seem impressive. The cash reserves are strong and moreover the total liabilities are not that large relative to cash reserves. OncoSec is a biotech firm that is still in the development stage, and that justifies the zero revenue. The investors were concerned with the net loss as it didn’t surge just year-over-year but also it is increasing quarter-over-quarter. OncoSec reported that a net loss for the three months ended January 31 surged more than 75% compared to the same quarter in 2014.
The wild momentum
OncoSec stocks are witnessing high volatility on huge volumes. The increase in net loss seems to be the reason due to which OncoSec reported a large percentile movement compared to its average volatility. OncoSec Medical Inc (OTCMKTS:ONCS) stocks declined over 0.66% on Friday with more than 1.22 million shares traded. It was a dismal trading session as the stocks made a 52-week low of $0.31. The financial numbers seem to have provided some cushion to the declining stock. However, investors should approach with caution before making any investment in ONCS stocks.