Following a gain of $0.27 yesterday, shares of InVivo Therapeutics Holding Corporation (OTC:NVIV) leaped out of the gate this morning. The stock tacked on another $0.26 to reach its high for the day by the end of the first half-hour of trading. Sixty minutes later, InVivo Therapeutic shares were back to where they started the day. Over half of the volume for the day traded in the beginning 90 minutes. The stock spent the rest of the session in a slow drift and it finished the day at $2.40, or a gain of $0.02. The number of shares traded on the day fell just 7,000 shy of the 1 million mark, which made today one of the heaviest volume days for InVivo Therapeutic shares in the past year. The activity over the last two days may be a result of Frank Reynolds, the CEO for InVivo Therapeutics, appearing on Fox and Friends on Sunday.
The action in the stock over the last two days, in both price and volume, has broken a downward drift that began in early March. Volume during this slide had barely registered on some days. The 52-week range for the stock was set before the New Year when the shares traded as low as $0.60, and reached a high of $3.23.
The Cambridge, Massachusetts based company was founded in 2003. InVivo Therapeutics develops and commercializes technologies for the treatment of spinal cord injuries. Current treatment platforms produced by the company focus on minimizing tissue damage after the injury and promoting neural plasticity of healthy tissue. In addition to its existing therapies, InVivo Therapeutics plans to develop three more technologies related to spinal cord injuries. One product is a biocompatible scaffolding device and another is a biocompatible hydrogel that locally releases a drug in the treatment of spinal cord injuries. The third technology involves the use of human neural stem cells. The company currently has no direct competition.
According to Stockpromoters.com, one research analyst follows the stock that rates the stock a strong buy with a price target of $4.50. Earnings estimates for the quarter ending June 30th, 2012, predict a loss of $0.06 and a loss of $0.23 for the fiscal year. In the previous quarter ending March 31st, 2012, InVivo Therapeutics showed a loss of $0.04. Insiders have registered four sales over the last three months and eleven within the last year while not transacting one buy.
Some recent news on InVivo Therapeutics includes:
The company announced on May 30th, 2012, that former Stryker executive Robert Housler Jr. would join the InVivo Therapeutics as Vice-President of Business Development.
April 13th, 2012 – The company expects to begin human trials for its Biopolymer Scafolding.