WBB says everything is great about the MELA product and lists all the good things it does. Says the delay in approval is the issue for WBB that makes it put out a sell. This is easy. WBB clients are either short with mucho pain in past two weeks and need to cover, or WBB clients want a bit lower prices to buy. WBB is so small it's a wonder anyone outside of San Diego pays any attention.
Do you by any chance have the actual text of their comments? I for one am interested in all reasonable points of view and as near as I can tell, suggesting that MELA may not realize significant gains in the short term is a valid and not unreasonable point of view. I personally would not want to be completely out of the stock in case news comes unexpectedly but it's certainly not an absurd speculation to suggest that it could tale a while. Not everything is a conspiracy.
I agree with your opinion, however, when referring to them in the future DOGS, would be far more befetting. Whenever a bunch of dogs wants to buy into a good thing they always come out with a sell recomendation. That is just typical wall St. BS. With only another 4 trading days to go before the FDA must ruel according to law, these dogs think the world is full of fools. Buy more and let these dogs pay you well for your shares. MELA should double or tripple after the Approval arrives on DEC. 4th. I say that because there is no reason for the FDA to not approve this new technology. Happy Holidays to all.
Your statement "only another 4 trading days to go before the FDA must rule according to law" is not true.
There is no law. There is 180 target for fast track approval. The ealy Dec date was never firm and was never cited by the FDA or by MELA management. It has always been wishful thinking. The CEO himself indicated at a recent conference that approval would not happen in 2009. If you doubt me, go to the IR section of the MELA Website and listen to the archived webcasts yourself.
Anyone basing their invetment decision on your insistence that an FDA ruling must come within 4 days is in for a world of hurt. In fact if there are more than a handful of people operating under the same delusion we are probably in for another minor sell off soon when the expected approval doesn't happen as you expect.
There will be no approval in early Dec. According to MELA's CEO The next expected announcement will be the scheduling of the FDA Panel Meeting which should have happened at approximately the midpoint of the 180 day fast track approval cycle but has not happened yet. He said the FDA typically schedules this meeting 8 weeks before the meeting which was his basis for saying it would not happen in 2009.
The announcement that the panel meeting has been scheduled could come at any time. Then the meeting would take place 8 weeks after that. Beyond that the timeline is unclear. Since the Panel Meeting typically takes place mid way in the 180 day cycle it would not be unrealistic to estimate that the approval could happen approximately 90 days after the meeting but this is purely speculation.
A review of the FDA Website shows that Fast Track approval can happen in under 180 days and approximately 17% of the time it takes longer than 180 days. So your assertion that the FDA must rule by law is easily disproved.
Here's a link to the FDA Website showing current fiscal year statistics. The page shows that 17% of Fast Track decisions take longer than 180 days.