Ekaterina Zelenkova

Genta Incorporated (OTC:GETA) Stock Spills

by Ekaterina Zelenkova September 27, 2010
GETA_price_chart_240910.jpgThough all attempts of the company's management to cure the long-term rolling down of Genta Incorporated (OTC:GETA) stock, the strong downtrend can not be stopped since July this year. Maybe the shorting interest can do it.

On Friday, GETA hit a new 52-week low at $0.425 per share. The next in row 12.73% GETA spill was confirmed by more than 2.1 million shares changing hands. Such a volume has never been seen throughout the entire decade of GETA's trading history.

The latest rush of the share price was this April, when GETA was supported by stock promoters. The stock's latest attempt to jump up from the bottom was in the middle of August, again on a stock promotion, which was free of charge for the company.

At that time GETA stock soared, although the volume was not as rich as it was during the spring rush.

In an attempt to revive the company's shares in the middle of this June, one of the voted matters at the Annual Meeting of Stockholders was the authorization of the Board of Directors to effect a reverse stock split of GETA's outstanding common stock at any ratio up to 1-for-100. Looks like this curing measure was not able to help and GETA stock is in constant decline, despite of all the tools utilized by the company's management and all the released news about the company's product developments.

This Friday, an SEC filing made parallel to the announced new Phase 2 clinical trial of tesetaxel in patients with advanced bladder cancer seemed much more important.

4GETA_from_the_site.pngIt was related to GETA's request for withdrawal of a registration statement on Form S-1, filed over a year ago. Unfortunately, this SEC filing was not accompanied by a press release, which would have been in accordance with the good practice of the company.

So, the shrouded in mystery and too much pessimism GETA stock closed the week again at the bottom, this time on a volume that may not be expressing only investor pessimism. Almost 42% of that trading volume was made by shorters, which may become one of the efficient tools for GETA stock revival.

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