InVivo Therapeutics (OTC: NVIV) announced an interim successor to fill the Chief Science Officer position recently vacated by Dr. Edward Wirth due to personal reasons. Brian Hess, a former product development specialist with Stryker (NYSE: SYK) and current product development manager for InVivo Therapeutics, will assume the role of Chief Science officer. Mr. Hess will take over the responsibility of managing the company’s entire portfolio of products. Traders have to wonder if the move is enough to relieve buyers of the stock from their recent paralysis.
Today’s action in the stock gave no indication that traders had any feeling returning to their buying hands. Shares of InVivo Therapeutics began the trading session right where they ended yesterday at $1.72, which also doubled as the high trade for the day. Sellers filed in during the morning hours and drove the stock to an intraday low of $1.36. After digesting their lunch, buyers made a stand and the stock rebounded a bit. Volume slowed in the afternoon hours and the stock finished the day with a loss of more than 12% to close down 22 cents at $1.50. The number of shares trading during the session exceeded 797,000 compared to an average daily volume 150,000 shares. Traders will have tonight to figure out whether the midday rebound coupled with strong volume on the day represented a bottom to the stock’s recent slide.
Shares prices for InVivo Therapeutics began to tumble late last month and almost two weeks after the company reported second quarter financial results. The report showed a net loss of $0.o4 per diluted share compared to a net loss of $0.05 for the same period in 2011. Since the end of August, the stock has steadily declined from $2.41 to the closing price registered for today. Over the last three weeks shares have lost 37% of their value.
Despite the recent sharp losses, the stock remains well above its annual low of $0.60 set ten months ago. The 52-week high came when shares traded for $3.23 right before the calendar flipped to 2012.
On September 11, 2012, the company presented at the Rodman and Renshaw Healthcare Conference held in New York City. Executives summarized development over the last year that included the raising of $20 million from a select group of investors, positive results from a test of the company’s scaffolding technology on non-human primates and clinical trials for its biopolymer scaffolding used in treating acute spinal cord injuries is set to begin in 2013.
A check of Stockreads.com and Stockpromoters.com, where a total of 12 promotions can be viewed, show no recent comments touting the stock. On Twitter, however, a few people had some things to say about InVivo Therapeutics today. Among those commenting on the stock was @stockstobuy, which put the company on its hot stocks list.
The company is based in Cambridge, Massachusetts, and focuses on the development and commercialization of technologies for treating spinal cord injuries. The company’s biopolymer scaffolding devices prevent secondary injury to the spinal cord and also promote the rerouting of signaling pathways toward healthy tissue. InVivo Therapeutics was founded in 2005.