Great Basin Scientific (GBSN) Stock Hits 52-Week Low As Shareholders Call for Officer Resignations

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Shareholders of Great Basin Scientific Inc (NASDAQ:GBSN) don’t seem to be able to catch a break. After the stock looked to be rebounding on Monday, shares have continued to fall quite a bit since then. This morning the stock hit new 52-week lows and the bottom may still be below us.

The price decline comes after more bad news from the company concerning the possible dilutive effects of warrant conversions. As shareholders begin to understand just how much their share of the company may decrease after the conversion of warrants, many seem to be streaming to the exits. At the same time, many Great Basin Scientific Inc (NASDAQ:GBSN) shareholders feel as if the company’s executives have let them down, and have subsequently launched a Change.org petition for the Resignation and replacement of the officers of Great Basin Scientific.

“I motion for the removal of CEO Ryan Ashton, CFO Jeffrey Rona, VP of sales and marketing Sandra Nielsen, and Investor relations representative David Claire,” explains the petition, which has already been signed by 72 investors. “It is my feeling that they have completely disregarded any and all responsibilities with regards to the shareholders vested interest and have stayed silent in this time of great distress as our monies go plunging off the deep end.”

The stock is down 12.72% or $0.14 following the news, hitting $0.96 per share. Approximately 1.40 million shares traded hands. GBSN shares have declined 67.26% since May 28, 2015 and are currently downtrending. It has underperformed the S&P500 by 65.14%.

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 $9.30 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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