Great Basin Scientific Inc (GBSN) Up Big Today on Hopes of FDA Clearance

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Today shares of Great Basin Scientific Inc (NASDAQ:GBSN) are up big as the stock is seemingly bouncing off of a bottom after a steady drop over the last several months.

Investors are looking for FDA clearance of additional test products by the company, and hope that such clearance will drive profits for the small cap firm. Great Basin already received FDA Clearance on tests for Clostridium difficile and Group B streptococcus, but shares have continued to decline since May of this year after trading as high as $6.10 per share. Since that time there has been major dilution with over 160 million new shares coming on the market in September alone. The stock is up 47.45% or $0.0261 after the positive news, hitting $0.0811 per share. About 50.76 million shares traded hands or 415.33% up from the average. GBSN has declined 98.90% since April 22, 2015 and is downtrending. It has underperformed by 97.88% the S&P500.

The institutional sentiment decreased to 2.67 in Q2 2015. The ratio dropped, as 2 funds sold all Great Basin Scientific Inc shares owned while 1 reduced positions. 6 funds bought stakes while 2 increased positions. They now own 324,542 shares or 474.04% more from 56,536 shares owned in Q1 of 2015.

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

Great Basin Scientific, Inc. is a molecular diagnostic testing company. The company has a market cap of $15.83 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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