What goes up, must come down, they say. This is certainly the case with shres of Great Basin Scientific Inc (NASDAQ:GBSN), which continue to plummet after a meteoric rise in late November and early December. The stock, which soared from $3.30 to $13.20 in a week’s time last month after hopes began to rise that the company would receive FDA clearance of their test products, is now going in the opposite direction.
Since then several law firms have begun investigating Great Basin Scientific Inc (NASDAQ:GBSN) for possible misleading information, and the stock has dropped below the levels that it began to rally at back in November. It seems fairly reasonable to guess that the company may have diluted shareholders on the way up, thus the supply of shares has outstripped demand, causing this drop. The stock is down 17.58% or $0.48 following the news, hitting $2.25 per share. About 796,179 shares traded hands or 9.60% up from the average. GBSN has declined 17.02% since May 15, 2015 and is downtrending. It has underperformed the S&P500 by 14.76%.
The institutional sentiment decreased to 1.6 in Q2 2015. It’s down 1.07, from 2.67 in 2015Q2. The ratio turned negative, as 5 funds sold all their Great Basin Scientific Inc shares they owned while 0 reduced their positions. 4 funds bought stakes while 4 increased their total positions. Institutions now own 7.69 million shares which is 2268.79% more than the previous share count of 324,542 in 2015Q2.
Green Owl Capital Management Llc holds 0.31% of its total portfolio in Great Basin Scientific Inc, equating to 3.99 million shares. American International Group Inc owns 533 shares representing 0% of their total US portfolio. Moreover, Blackrock Institutional Trust Company N.A. has 0% of their total portfolio invested in the company, equating to 147,378 shares. The Illinois-based Citadel Advisors Llc has a total of 0% of their portfolio invested in the stock. Citigroup Inc, a New York-based fund reported 64 shares owned.
Great Basin Scientific, Inc. is a molecular diagnostic testing company. The company has a market cap of $10.79 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).