The stock of MedMira Inc. (CVE:MIR
), (PINK:MMIRF) continues its ups and downs on the TSX Venture Exchange (CVE). The latest move was in the right direction - upwards. This time the rise was confirmed by the large trading volume. The company has not issued a single release lately, so there is no apparent reason for the shares' performance.
Yesterday, MIR climbed up to its usual resistance level of $0.035, adding 16.67% to its value. In case the stock keeps its advance, the next resistance is at $0.04. The shares have not fallen below $0.03 in the last two years, so they might find support there in case of decline.
As it seems, the performance of MIR is rather predictable. Since August 2010 the stock has been dwelling in the narrow range between $0.03 and $0.04 with no exception. The shares show little volatility and produce no huge surprises to investors. This makes it not a hard task to foretell the future behavior of MIR. Most probably, the tendency will continue in the days to come, unless something extraordinary happens.
What makes an impression is the lack of any information provided by MedMira lately. In fact, since mid-April the company has not released anything to the public. Such an information deficiency is hardly appealing to traders. Perhaps, this is among the reasons why the shares are in such a little demand on the market. Certainly, MedMira will have to do something to change this unfavorable factor.
Surely, the company's directors will want to see the stock in much better shape. Surely, they will be glad to make MIR more attractive to investors on the stock markets. And surely, they would be delighted to lead MedMira to a better financial condition as well. Because the latest financial reports show a working capital deficiency of $18.1M at the end of this January.
MedMira Inc. is a company that is focused on the research, development and manufacturing of medical diagnostic testing kits and other medical devices.