Great Basin Scientific Inc (NASDAQ:GBSN): Shares Drop on Investigation

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UPDATE: Apparently there is no conference call scheduled as was reported earlier.

Shares of Great Basin Scientific Inc (NASDAQ:GBSN) are down considerably in afternoon trading today as investors seem nervous following a huge run up over the last week. As we reported yesterday, Goldberg Law PC has initiated an investigation into the company and the claim that they provided misleading information to shareholders. After the news yesterday shares remained rather stable, but today is a different story after additional mews broke that Khang & Khang LLP has joined in with their own the investigation.

The stock has fallen 42.18% or $0.087 following this negative news, hitting $0.119 per share. About 65.05 million shares traded hands or 202.14% up from the average. GBSN has declined 95.35% since April 29, 2015 and is downtrending. It has underperformed the S&P500 by 95.15%.

The institutional sentiment decreased to 2.67 in Q2 2015. It’s down Infinity, from Infinity in 2015Q1. The ratio is negative, as 2 funds sold all their Great Basin Scientific Inc shares they owned while 1 reduced their positions. 6 funds bought stakes while 2 increased their total positions. Institutions now own 324,542 shares which is 474.04% more than the previous share count of 56,536 in 2015Q1.

Green Owl Capital Management Llc holds 0.13% of its total portfolio in Great Basin Scientific Inc, equating to 62,000 shares. Sabby Management Llc owns 51,771 shares representing 0.01% of their total US portfolio. Moreover, A.R.T. Advisors Llc has 0% of their total portfolio invested in the company, equating to 12,226 shares. The California-based Blackrock Institutional Trust Company N.A. has a total of 0% of their portfolio invested in the stock. Citadel Advisors Llc, a Illinois-based fund reported 16,596 shares owned.

Great Basin Scientific, Inc. is a molecular diagnostic testing company. The company has a market cap of $40.57 million. The Firm is focused on the development and commercialization of its molecular diagnostic platform designed to test for infectious disease. It currently has negative earnings. The Firm has a commercially available test, a diagnostic test for clostridium difficile , which received clearance from the Food and Drug Administration (FDA).

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