Shares of Cel-Sci (CVM) were trimmed by a third on Wednesday, closing the day at just under eleven bucks after hitting as low as $6.35 at one point. The only "news" to hit the wires during the blood bath was a Letter to Shareholders issued by CEO Geert Kersten, which pretty much retells the Multikine story from its infancy to where it stands today. For those that my just be tuning in as a result of the Wednesday massacre, Multikine is Cel-Sci's Phase III immunotherapy treatment for head and neck cancer. Multikine harnesses the body's immune system to combat the cancer cells and is unique because it is applied before the Standard of Care treatment while a patient's immune system is still strong. The Phase III trial was expected to end long end, but it has not yet ended, leaving many to speculate that the treatment must be working. The event that will end the trial is the 298 death mark, a number that many speculate will be reached this month or shortly thereafter.
Given the company's somewhat bumpy history - combined with the general volatility of the sector - CVM has attracted quite the interest of shorts, generally keeping a pretty good lid on any previous price runs. That said, the shorts have failed at keeping a lid on the CVM price run as it jumped from under three dollars to as high as nearly eighteen dollars in the past year, even as them shorts were attempting to tell people to sell every step of the way. To put this stock's price run over the past year into perspective, consider that the closing price after Wednesday's price smash, it is still more than a triple from where it opened last year.
So why the drop?
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