Cocrystal Pharma Inc(OTCBB:COCP) traded above $0.74. In April 2014 COCP saw a rapid decline and share price dropped down to $0.34. In August 2014 COCP seems to be recovering and started an upward hike. Rise seems to be continuous and has brought COCP to $0.47.
Lowest the company saw in the last 52 weeks was $0.25 and the highest at $0.74.
Cocrystal Pharma Inc(OTCBB:COCP) has been keeping itself in news and on November 25, 2014 COCP announced the closing of its merger with RFS Pharma, LLC, a privately owned biotech company founded by renowned drug developer, Dr. Raymond Schinazi. Since 2004, RFS Pharma has been working on the development of innovative drugs to treat human viral diseases.
Cocrystal Pharma Inc(OTCBB:COCP), Insider moves are always interesting to equity traders no matter where they occur, but more than any other sector, insider buys tend to inspire the most chatter around biotech. This is mostly due to the esoteric science and trial statistics that often determine the fate of a firm, which company and other biotech insiders tend to know more about than even premium hedge fund operators.
Over December, several significant moves have been made at different biotech firms that warrant at least a raised eyebrow. In some cases, the moves themselves have caused significant increases in either share prices or trading volume, and in other cases not. Whatever the situation, these stocks should be watched carefully for developments in 2015 in light of these transactions.
Cocrystal Pharma (OTCBB:COCP)
In chronological order, we begin with Cocrystal Pharma, an early-stage biotech specializing in antivirals with sporadic press but an all-star board and staff. On December 5, a Form 13D was filed indicating a 14.3% holding by Dr. Phillip Frost, a Cocrystal board member, as well as Chairman of both Opko Health (NYSE:OPK) and Israeli generics giant Teva (NYSE:TEVA). Opko has been on a 1500% tear since market bottom in March 2009, going up from 61 cents to now just under $10 a share. Opko was at $2 when Frost was first named Chairman. Teva has had a good year as well, up 43% in 2014, outpacing the larger Nasdaq biotechnology index ETF (NASDAQ:IBB).
Opko itself has a 7.8% holding in Cocrystal, which brings Frost’s total interest in the company to over 22%.
If that weren’t enough, the November 25th merger between Cocrystal and private firm RFS Pharma saw RFS owner Dr. Raymond Schinazi take a 38.9% stake in the company. Schinazi has his own impressive record in biotech, founding Pharmasset, which was acquired by Gilead (NASDAQ:GILD) for $11.4B in 2012; Idenix, acquired by Merck (NASDAQ:MRK); and Triangle Pharmaceuticals, also acquired by Giliad in 2003. The scientific wing of the company is headed by Dr. Roger Kornberg, the 2006 Nobel Prize winner in chemistry, also a Cocrystal cofounder with a 2.2% stake. In total, insiders account for just under 72% of total shares outstanding.
Cocrystal’s share price was not directly effected by the December 5th filing, but trading volume was over twice the average that day.
Cocrystal Pharma Inc(OTCBB:COCP) wasn’t able to generate revenuefor the year ending December 31, 2013.
It has total assets of $6.45 Mand liabilities stand at $12.48 Mwith shareholder’s equity negatively at $6.02 M.
Keeping in view the fundamentals, market capitalization at $57.57 Mis clearly overvalued.
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