PMCB stock touches 52-week low at $1.03 amid market challenges

In a challenging market environment, PharmaCyte Biotech Inc. (PMCB) stock has reached its 52-week low, trading at $1.03. The biotechnology firm, which specializes in cellular therapies for cancer and diabetes, has seen a significant downturn over the past year, with its stock price declining by 45.75%. According to InvestingPro analysis, the company maintains strong financial health with a "GREAT" overall score, and notably holds more cash than debt on its balance sheet. Investors have been cautious as the company navigates through the development of its therapies amidst a competitive landscape and regulatory hurdles. The 52-week low marks a critical point for PharmaCyte Biotech as it strives to regain investor confidence and demonstrate progress in its clinical programs. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available through 7 more exclusive ProTips that help decode the company’s market position and financial outlook.

In other recent news, PharmaCyte Biotech has announced a change in its independent registered accounting firm. The company’s previous accountant, Marcum LLP, resigned after its attest business was acquired by CBIZ (NYSE:CBZ) CPAs P.C. on November 1, 2024. PharmaCyte Biotech’s Audit Committee accepted the resignation and appointed CBIZ CPAs P.C. as the new independent registered public accounting firm. Marcum’s reports on the financial statements for the fiscal year ending April 30, 2024, were without adverse opinions or disclaimers, and no modifications were needed regarding accounting principles or audit scope. However, the fiscal year did highlight material weaknesses in internal controls, such as insufficient segregation of duties for the Chief Financial Officer and inadequate management review controls. Despite these issues, there were no disagreements with Marcum that required mention in their reports. PharmaCyte Biotech confirmed there were no consultations with CBIZ CPAs P.C. regarding accounting principles or transactions that might affect the audit opinion during the relevant fiscal years. Marcum LLP has agreed with the statements made by PharmaCyte Biotech about their resignation, as documented in the company’s latest 8-K filing.

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