Shares of Great Basin Scientific Inc (NASDAQ:GBSN) have seen a substantial decline in price today as shareholders continue to run for the exits. The stock, which is down close to 90% in under four weeks, has continued to drop for 9 consecutive trading days following the annoucnement by numerous law firms that an investigation had been initiated to see if Great Basin Scientific Inc (NASDAQ:GBSN) executives had issued misleading information to shareholders. In the penny stock world this certainly isnt something investors want to hear.
With confidence lacking, the stock seems to have no floor. As for when results of these investigations will become available, it’s anyone’s guess, but until they do, the stock will likely continue to flounder. While many investors initially bought into the company during it’s late November rise from $3.30 to over $13, some of these same investors are now in the red. We will continue to follow this story should any news break in the days and weeks ahead. The stock has fallen 25.84% or $0.54 following this negative news, hitting $1.55 per share. About 6.67 million shares traded hands or 663.51% up from the average. GBSN has declined 23.16% since May 19, 2015 and is downtrending. It has underperformed the S&P500 by 20.90%.
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 $6.68 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).