Not sure this is the reason the stock is down today or not but eTrade reported 5 days ago that Bob Langer registered to sell 250,000 shares. This is old news but perhaps people are just now picking up on it. Two days ago it was reported that Reynolds sold an additional 12,500 shares. Two weeks ago Langer sold 190,735 for net proceeds of $470,181. I've been a big believer in this company but I do not like the fact that Langer has sold a significant number of shares in the last couple of weeks and just registered to sell another 250k shares while most of the shareholders who have purchased stock in the open market are sucking wind.
Mr Elcar, since I am relatively new on this board, I'm on shaky ground. For all I know, you may very well be a solid and trusted long, but it is my opinion that you are a "back door" basher. If I'm wrong,
I'm sure I'll be so informed, in which case I'll apologize.
Sentiment: Strong Buy
what about Dr. Langer selling shares to give to other employees of In Vivo (staff, researchers etc.), students, post-docs who work in his labs (and do all the "grunt" work that goes into these patents, discoveries?) This gentleman has always been honest, forthright and caring to all those who have worked for him (read the NY Times article November 2012)--there is no way I believe he is doing anything underhanded here!!
Sentiment: Strong Buy
In my original post concerning his registering 250,000 shares for sale, I never implied he was doing anything illegal. I doubt that he is doing anything illegal. If he wanted to give his employees something, why not have the 250,000 share certificate divided up into 10,000 or 15,000 share lots and give the shares to his employees. Langer and Reynolds are pitching NVIV as the next Holy Grail for SCI. If they really believe what they are preaching, and if they need funds for a divorce settlement or whatever, why not put their stock up as collateral with a banker and borrow the funds they need? It just doesn't look good to an investor who is debating whether to buy shares of NVIV to see that the tow main principals continue to sell stock!
Isn't it illegal for them to sell if they know something negative and don't disclose it to all investors? I don't f'n know, but there are no morals on wall street, I'm not expecting that. I don't think anyone but the insiders and the FDA could know at this point. I think I will just hold on. Everytime I get scared out of a stock because the price drops it goes up even more, so I'm holding. They have good people at this company and its not a one trick pony so who knows. I knew it was going to be a wild ride. And anytime there are bashers on a stock that seem to have OCD about it, someone is paying them. Why would you beat a dead horse?
Yes, it's illegal for him to trade on any non-public information. I wouldnt look too much into it. I'm sure the greatest medical inventor of our time has too much going on in his life than to make illegal insider trades. I suppose he could be then next Martha Stewart, but my money is that isn't the case.
I expected something like this knowing that the seminar in Hawaii at the beginning of the month featured the heavy hitters in biopharma research and that President Obama was in Hawaii on vacation at the same time. Didn't Obama present a prestigious award to Robert Langer recently? Since this stock is so thinly traded I have to say I anticipated the infusion of shares and the drop so that an interested party somewhere could make a significant buy at a lower price. Didn't the company loose one of its institutional investors last year? Also, it just feels like Robert Langer needs to keep his other company MCHP functioning at an even keel and perhaps is drawing cash out of INVIVO rather than rocking the financial stability of that company. All just mad mental wanderings from the dark, of course.
Looks like Reynolds has an automatic sale of 4,250 a day which doesn't appear to care about price but I agree that Langers sales doesn't seem a positive due to size and timing. He also had quite simlar size sales in April-June last year at about $2.40 which may of contributed to the price slide down to about $2.00 then.
To register to sell more doesn't mean it will be soon and maybe just means when there is a bump in price he wants to be ready to cash in on it.
If it is true we get news of a trial delay, which will drive prices down it is fair to think Langer could be charged with insider trading, since his timing and quantity of the sale would seem to be obvious.
I'll continue to hold my shares until some real news is released.