Echo Therapeutics Inc. (NASDAQ:ECTE) Down 15.17%, Wave Systems Corp. (NASDAQ:WAVX) Down 12.72%
Northern, WI 05/10/2013 (GDPInsider) – Echo Therapeutics Inc. (NASDAQ:ECTE) is down 15.17% in today’s trading after starting on the day with a value of 0.38. The stock’s opening was down on the previous close of 0.53 and has a range of 0.18 and 0.50.
Echo has announced its financials for the first quarter ending 31 March, 2013 and sees the company posting a net loss of $7.0 million, or $0.13 a share. The loss posted this quarter is more than doubled the $3.0 million or $0.08 per share loss posted in the corresponding quarter of 2012 and investors seemed to have taken note. Echo has spent more on R&D for Q1 2013 and this figure is $3.2 million. By comparison, R&D expenses for Q1 2012 were $1.4 million. The transdermal medical device company also announced the acquisition of International Standards Organization (ISO) 13485:2003 certification of its quality system and has reduced some of its debt by pre-paying $3.0 million on its $20 million credit facility extended by Platinum-Montaur Life Sciences, LLC.
ECTE has a RSI of 19.62 (deep into oversold territory) and the stock is down 36.20% on its SMA50.
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Wave Systems Corp. (NASDAQ:WAVX) opened trading 0.46, 0.03 down on the previous close of 0.49. The stock is down 12.72% and is trading with a range of 0.41 and 0.49. Volume is 780.28K, more than triple the average volume of 253.85K and the stock is down 69.24% on its 52-week high but up 0.14% on its 52-week low.
Wave Systems is fresh off the release of Q1 2013 financial results and the company reported net revenues of $5.794 million, a slight decline on the $6.982 million recorded for Q1 2012. The company reported a $1.4 million loss on OEM bundling and attributed this to the decline in the volume shipped units compared to the first quarter of 2012. On the back of its earnings results, Wave announced the signing of a deal with Fujitsu America. The agreement will see Fujitsu reselling Wave’s comprehensive portfolio of innovative solutions for managing data protection, authentication and malware detection. These sales will flow directly to Fujitsu’s customers.
WAVX is down 35.36% on its SMA50 and has a RSI of 24.78.
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