Great Basin Scientific Inc (NASDAQ:GBSN) shares are up considerably in early morning trading today after what some investors would describe as a month-long pummelling. The stock, which has given investors more twists and turns than a Six Flags’ roller coaster, seems to be finally moving up.
While shares of Great Basin Scientific Inc (NASDAQ:GBSN) skyrocketted from just over $3 to close to $14 within a week last month, before slowly giving back all of those gains and more over the next 30 days, many shareholders have run for the exits. The stock, which dropped from close to $14 all the way down to $1.14 in a matter of 17 trading days, seems to have bottomed. Although the toxic conversion of warrants will continue into next month, investors must feel as if the negative effects of these conversions have already been overly priced into the shares. It will be interesting to watch as the stock trades over the remainder of this week to see if $1.14 is the ultimate bottom, or if this morning’s rally is just a fluke. The stock is up 28.24% or $0.37 following the news, hitting $1.68 per share. About 617,191 shares traded hands. GBSN has declined 56.62% since May 22, 2015 and is downtrending. It has underperformed the S&P500 by 53.56%.
The institutional sentiment decreased to 1.6 in Q2 2015. It’s down 1.07, from 2.67 in 2015Q2. The ratio is 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 $7.13 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).