Despite some news events from the last several days, the stock of Advanced Cell Technology (OTC:ACTC) has languished in a narrow trading range with today being no exception. On Monday, the company issued a press release stating that the tenth and final patient in a clinical trial had been surgically treated for Stargardt’s Macular Dystrophy using human embryonic stem cells. Gary Rabin, the CEO of Advanced Cell Technology, noted the milestone saying, “These trials are still at very early stages, but these preliminary results indicate that we are on the right track.”
Traders may be looking to see if the right track is not a song from the rock band AC-DC. The company also announced today that it will release second quarter results after the close on August 8, 2012, followed by a conference call at 4:30 p.m. eastern time. Perhaps some concerns of traders will be answered then.
On July 28, 2012, Advance Cell Technology stated that Australia had granted the company a patent covering the pharmaceutical formulation of human retinal pigment epithelial cells in the treatment of Macular Degeneration.
So far, the news has generated little enthusiasm in terms of the company’s stock price or volumes. Over the last two weeks, share prices have been stuck in a rut centered on $0.08. Today exemplified recent action in the stock as shares traded between $0.0819 and $0.0796. The 2.7 million shares exchanging hands during today’s session fell noticeably short of its average daily trading volume of 6.35 million.
In January, the stock spiked to its 52-week high when its shares traded for $0.20. After reaching this summit, share prices have steadily declined until four weeks ago when a new annual low was reached at $0.06
The latest word from stock promoters came two weeks ago when The Stock Wizards sent out a technical chart alert for the stock. The Stock Wizard was not compensated for its promotion. A total of 201 promotions for Advanced Cell technology can be viewed at Stockpromoters.com. SeekingAlpha interviewed Chairman and CEO Gary Rabin today on a variety of topics related to the company’s recent developments, which was also referenced by the company on Twitter.
Advanced Cell Technology is a biotechnology company focusing on the development and commercialization of embryonic and adult stem cells for use in regenerative therapies. Treatments seek to replace malfunctioning or damaged cells, like those found in Macular Degeneration, with new cells produced from stem cells. The company is based in Santa Monica, California.
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