Interestingly, the post was written November 5th, 2010!!! Boy did you blow this call badly. wow!!! any other advice i can laugh at and ignore?
PLEASE read carefully 5-Nov-10 10:26 pm We have sold all our shares in Amarin.
That said, the biorunup folks and other assorted speculators may push AMRN higher prior to the Marine study results.
We sold because:
1) Way too many insiders are selling. This selling includes the Sr. VP of development who is overseeing the 2 FDA studies. 2 of the large investors represented on the BOD have now sold shares. Also, the prior CEO, who was given the title of honorary chairman, just resigned....presumably so he could sell his stock.
2) The new CEO seems incapable of making a coherent presentation to the investment community. When we lose faith in management it is better to sell than stick around, and try to force the BOD to make changes.
3) The Chief medical officer took a job with another company while still being employed as CMO of AMRN.....this is unheard of in public companies that are real.
4) Parts of the Marine study were conducted in Russia...... no need for further explanation if you know anything about corruption and Russia.
While AMR101 is a product that I would use, the Marine study will probably produce results that are worse than the what Lovaza showed in the over 500mg group for TG reduction.
The real value of AMR101 is in the larger group of people who are under 500mg, and that study will not report until mid 2011.
I fear that people will see that AMR101 produces a slightly less reduction in TGs in the over 500mg group, and therefore conclude that the product is inferior to Lovaza.
The disappointment could drive the stock back down to $1 or so.
I do not like to own stocks when the insiders are selling millions of shares!
Good luck to all traders.
I will NOT be posting anymore!
I just wanted to be upfront and honest about where I stood on this situation at this time.
Yeah. I actually listened to this idiot and reduced my position in half and the stock took off like a rocket within a week of reducing my position. Fortunately I got back in quickly after realizing the mistake, but this guy cost me thousands in profits. He clearly did no due diligence into the previous experience of the new CEO. And that really undermines his credibility and makes me wonder if the information provided was any good, or if it was just an outright attempt to convince people to sell, while he sold short.