What a crazy day today was! In case you didn’t hear, Spherix announced that their Phase 3 Trial of D-Tagatose for treatment of Type 2 Diabetes revealed satistically significant reduction in HbA1c (blood glucose) levels. This shot the stock all the way up to as high as 2.80 Pre-Market! I was pretty stoked, since this was one stock I’ve been following since the beginning of this year. It was leveling out at the 1.70 range, which I was okay with. A 25% gain is good in my books. The sun was shining after 2 days of rain, my iced coffee tasted much better, and work was even quiet in the morning. It was going to be a good day.

Not so fast, Teezy.

At sometime around 1PM today, I walked out of a meeting I had and went to see how SPEX was doing. My jaw nearly hit the floor. The price plummeted to 1.18! What the $*#@ is going on?? This can’t be happening, can it? I felt like I was living my GNVC nightmare again. Then I looked over to a related article:

Spherix Announces Institutional Investors Purchase $5.25 Million of Convertible Preferred Stock and Warrant

The company sold $5.25 million of shares and warrants to institutional investors to continue development on D-Tagatose as well as corporate reasons. I was livid, but as I thought about it, it made sense for the company. It sucked for us investors out there though. It also brought me back to that pain point from my past: not capitalizing on my gains.

However, all hope is not lost. What’s next for this company is they are going to either look for a Big Pharma to buy them out, or if that doesn’t happen fast enough, they are going for FDA approval of D-Tagatose. Both outcomes will shoot the stock up. Let’s take a look at it’s 6-Month chart:

6-Month Chart for Spherix, Inc.

I looked up the company’s volume since it’s inception into the market, and today was it’s highest volume ever (it more than doubled the 5M volume it had back on November 16th, 2009). Also, it’s 6-month low is around $1.00. As crazy as it sounds, I’m hoping the stock gets closer to $1.00 so that I will be able to scoop up some more shares. I’m more in this for the longterm, so I don’t mind having to wait until FDA approval to see this stock skyrocket. Pay attention tomorrow to see what the stock does and how high the volume is. I have a gut feeling it’s going to be up on the day but still drastically below the range it was at before noon today.

Tomorrow is definitely a two-coffee day……