There are many factors which prevent a stock from rising:
1. PennyLand investors often follow the axiom: "Buy on rumor, sell on news." Some, as stupid as it sounds, may have sold on news.
2. Could be dillution.
3. MM manipulation (I know, everyone says it any time a stock doesn't rise, and I don't think it is always going on, but it DOES happen.)
4. Volume is not high enough. Volume precedes price.
5. Idiots selling on the buy instead of the ask.
It could be that the entire market has been down and will have an overall effect scaring many people from investing.
There are just a lot of reasons why it didn't rise.
Yes, I was absolutely surprised it didn't go up higher, I thought it would be 1 to 1 1/2 cent rise. But, every time the tick went up, someone sold to bring it back down. It appeared like manipulation to me. It is also just possible that just enough shares were left by that wrecking crew that came through a couple weeks ago just to mess it up a little bit more.
Think about it, would the officers of PHAR be better off with a higher pps or lower pps?
Do you think a guy trying his best to get an "invention" on the market so all the world can call him a genius would want to use LESS restricted shares to finance the project (thus leaving him more shares for later to line his pockets). After all, it is his own money he's giving away!
Just IMO. We are all a little frustrated right now, I don't blame you.
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