Astex Pharmaceuticals, Inc. Message Board
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Israel Chem
In an announcement to the Tel Aviv Stock Exchange published by Reuters on February 26, 1998, Israel Chemicals Ltd. said it held 195,000 shares of SuperGen common stock. SuperGen today reiterated its previous announcement of February 25, 1998 that Israel Chemicals Ltd. no longer owns any shares of SuperGen common stock. This is good news. This one is rated a buy by everyone but nobody sems to be taking their own advice.
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SuperGen has been under accumulation since Israel Chem dumped
their stocks. I base this on having watched it every day
in the Investor's Business Daily. They rate the stock each
day, based on a score of A-E, C representing neutral, D-E
being distribution, and A-B representing accumulation.
Since Israel Chem's big dump, SUPG has sat at a steady "B"
I believe resistance at $14 is due to the dilutive effect
of the dump. Accumulation is still underway, I believe,
due to the high short interest SUPG had (over 1M shares
that had to cover) when it started to climb after the dump.
Barring the dump, a much nicer short squeeze play would have
developed for anybody who picked SUPG up under 13.
Charangoman- 1 Reply to Charangoman
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Appreciate the info. I see this stock rated as a "Buy" in a lot of places. I hope I did the right thing here. Sure would like to change my name.
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I do not understand why in the world Israel Chem said it still owned shares on 2/26/98 but co. said they do not own any shares as of 2/25/98.Can anyone enlighten me. Thanks.
- 1 Reply to drcerratoski
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The story is that the Pres. of Isreal Chem passed away...& the new Mgt decided to divest...they needed Cash
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