CVT's product /story is very good, but until the company secures major contracts (dollars in the bank) the share price will continue to suffer. Every-time CVT release quarterly reports with poor numbers the share price will get hammered.
All the market cares about (at least in AU) is dollars in the bank / contracts. Future potential of a company doesn't seem to account for much in this Country. If listed in the USA the share price would be much much higher as they recognize/reward future potential.
CVT is absolutely worth holding in your portfolio, but don't expect much from the share price until they score contracts.