Shares of pharmaceutical company Cosmos Holdings (NASDAQ:COSM) have been trading on elevated trading volumes over the past month and its shares price has jumped by 344% during this period.
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While the stock had an average volume of 55.5 million shares over the past three months, in the last 10 days average trading volume has shot up to 221.5 million. At the same time, its outstanding shares stand at roughly 84 million and short interest remains high at ~11.6% at present.
Last month, COSM’s product candidate CCX0722 entered the development phase. The drug is targeted toward obesity and weight management. CCX0722 is anticipated to lower food intake by increasing satiety and lowering appetite and the company plans to begin clinical intervention in Q4 2023.
In light of the recent trading activity, last week, COSM reiterated its belief in its financial strength and commitment to profitability. So far in 2022, COSM has raised $13.5 million via two rounds of financing and its top brass expects debt to decrease by 50% as compared to the prior year by the end of 2022.
Greg Siokas, the CEO of Cosmos Health has participated in both rounds of financing for a total amount of $3 million. The CEO commented, “I am hopeful about the future of Cosmos and our ability to rapidly grow as an international health and wellness company with multiple strong brands.”
COSM shares have fallen from a peak of $3.92 to the current $0.34 level in the past 52 weeks and where the stock goes next remains to be seen.
Additionally, another stock with a similar ticker, COMSovereign Holding (NASDAQ:COMS), has been also gaining traction of its own and there could be a few diamond hands on the Street who mistakenly bought one while intending for the other from these two companies.
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