Generex Biotechnology Corp. (OTC:GNBT
, GNBT message board
) has been climbing up fast over the past days. Yesterday, the stock soared another
13.48% on a traded volume of over 9 million shares.
Judging by the uptrend duration, the massive trade has one reasonable explanation - the series of good news on Generex.
Since the beginning of this month, the company has been regularly issuing positive news on its business, which influenced its stock price. The latest came up just yesterday when GNBT highlighted the advantages of its platform technology for cancer immunotherapy and reported that its subsidiary Antigen Express has been featured on SNN Stock News.
Being reported, the news additionally pumped up GNBT stock price. Meanwhile, considering the next portion of optimistic announcements from today, the stock might even climb higher.
In fact, it is not the first time when Generex gains on hot news. Last month, the company was trading massively again due to the same reason - its press releases. Obviously, GNBT relies generally on the news to support its stock price as its financials are not able to do it.
As of October 31, the liabilities of Generex were 50% higher than it total assets, its stockholders' deficiency exceeded $7 million, and its accumulated deficit remained over $347 million.
As the revenues of GNBT cannot cover the company's losses, the only option for Generex is to keep existing under a going concern until it finds additional financing to support its operations.