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Astex Pharmaceuticals, Inc. Message Board

  • way2hot2handle way2hot2handle Mar 13, 2013 8:56 AM Flag

    sec-fillings

    i have a question i am new to this i am still learning so yall can make fun of me if you want ..... but what does that really mean if he sold his given shares the way he did .. the way i read it he had to either buy the shares at the 2.76 or lose it right ??? or he can take the difference of where it is at the day of sale right ???? well my question is if the answer is yes to these two questions why didn't he wait till closer to the 28th when they expire to sell them or at least till after the 19th when the conference hits ???? is their something behind this or is this normal ... i do appreciate info if anyone decides to enlighten me thanks very much and i am long on astex i have had my same stock since beginning of last year and i do not plan on selling

    Sentiment: Strong Buy

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    • way2hot, never be afraid to ask. we all learn something new each week. See my discussion in response to maximus06906's post. An option is a right to purchase at a specific price. in the market, you can either come up with the money (40K shares x $2.46=$98,400) and now you own them in your portfolio, or you can do what Manuso did (and has consistently done every time) and simultaneously exercise(purchase) and sell and make a profit on the difference between the market price at the time and the exercise/strike price ($4.40 - $2.46 = $1.96). The profit/gain on sale was $78,400 (40K shares x $1.96). Give the run in the last 2 weeks of around 50% (from below $3 to $4.50), I would have done the same.
      Per you other questions, the transaction date prior to the option expiration on March 28th was arbitrary and the Roth conference will probably be another well paid trip for Manuso to sunny SoCal to give the same 'ol canned speech - I don't expect a post conference bump.
      I think the issue Maximus raised is, "if we all see this company making a move soon, why would the guy in the know not just buy the stock and let em ride." That is a good point.
      PS Manuso is overpaid and gets a ton of options every year.

 
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