{"id":7410,"date":"2015-11-06T15:02:05","date_gmt":"2015-11-06T15:02:05","guid":{"rendered":"\/?p=7410"},"modified":"2015-11-06T15:14:46","modified_gmt":"2015-11-06T15:14:46","slug":"elite-pharmaceuticals-inc-otcmktseltp-gets-precariously-high","status":"publish","type":"post","link":"\/articles\/elite-pharmaceuticals-inc-otcmktseltp-gets-precariously-high\/","title":{"rendered":"Elite Pharmaceuticals Inc (OTCMKTS:ELTP) Gets Precariously High"},"content":{"rendered":"\n<p><img decoding=\"async\" style=\"float: right;\" src=\"\/\/s.hotstocked.com\/hotstocked.com\/repository\/articles\/91\/91897\/eltp_chart.png\" border=\"0\" width=\"450\" \/>In yesterday&#8217;s session Elite Pharmaceuticals Inc (OTCMKTS:<a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=ELTP\">ELTP<\/a>) kept riding the upwards draft that pushed the stock up nearly 50% within the short space of just a few weeks. By the closing bell, <a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=ELTP\">ELTP<\/a> had put on another 23% and stopped at $0.387 per share. Volume picked up significantly as well, at over 8 million shares &ndash; the largest daily volume figure for the past six months.<\/p>\n<p>The company has not put up any press releases since October 21, when it announced positive results from a pivotal phase 3 study of one of its products &ndash; the abuse-deterrent opioid ELI-200. The release informed that patients reported no adverse events during the course of the study.<\/p>\n<p><a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=ELTP\">ELTP<\/a> did rather well for itself in its last reported quarter. The latest 10-Q for the three months ended June went public on Aug 10 and contained the following:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>$11 million in cash<\/li>\n<li>$3.3 million in current liabilities<\/li>\n<li>$7.0 million in quarterly revenues<\/li>\n<li>$2.5 million in quarterly income from operations<\/li>\n<li>$16.0 million in quarterly net income<\/li>\n<\/ul>\n<p>Those results are quite impressive, especially considering the performance of the better part of other OTC biopharma stocks. <a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=ELTP\">ELTP<\/a> actually set a new revenue record in this quarter, and president Hakim remarked he was &ldquo;extremely pleased&rdquo; with the quarterly performance. This good news seems to be the primary driver behind <a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=ELTP\">ELTP<\/a>&#8216;s explosive chart surge that took it to fresh 52-week highs.<\/p>\n<p>One thing to keep in mind is that in the process of climbing to its new chart position, <a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=ELTP\">ELTP<\/a> also became heavily overbought. As a matter of fact, it has been overbought for a number of days in a row. Even though this did not stop the stock from putting on almost a quarter yesterday, a reversal and profit taking from the new 52-week highs is not impossible, so caution is advised if you are not already in.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In yesterday&#8217;s session Elite Pharmaceuticals Inc (OTCMKTS:ELTP) kept riding the upwards draft that pushed the stock up nearly 50% within the short space of just a few weeks. By the closing bell, ELTP had&#46;&#46;&#46;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[797],"class_list":["post-7410","post","type-post","status-publish","format-standard","hentry","category-news","tag-eltp"],"_links":{"self":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/7410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/comments?post=7410"}],"version-history":[{"count":0,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/7410\/revisions"}],"wp:attachment":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/media?parent=7410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/categories?post=7410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/tags?post=7410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}