I suspect the main seller down here is the company, selling shares via pipe ATM to make debt payments. The piper then either shorts all retail buyers or manipulates the pps up a few pennies to distribute shares to retailers...then shorts it back down...repeats over and over until something good really happens or until the company goes bk. Wallst is an organized scam with rules made by the scammers..then approved by the SEC...jmho
I want to buy at these levels but need to do more research first. Why did this go so low in the fist place? Can't be from the delisting notice that was from almost a month ago. Their product BGM Galectin is already FDA approved so what's the problem here? It should be a screaming buy!
Last year BGMD signed an agreement with Kindstar Diagnostics. Kindstar is the largest diagnostic testing business in China. This enabled Kindstar to offer BGMDs Galectin-3 testing services for heart failure management for China.Obviously, they receive royalty payments. BGMD was hammered when they found out from the CMS (The Centers for Medicare and Medicaid Services) that in the US they would only be reimbursed $18.34 per test and they were expecting to receive $48 per test. Thus,the stock got crushed. They are in collaboration with Abbott labs to commercialize Galectin-3 Assay Kits and related control kits and calibrators. They began marketing an automated version ofthe test in the EU under a CE Mark. They obtained CE Mark enabling commercial sale of CardioScore test in EU also in Europe and other countries that recognize CE Mark.The CardioScore test is companies patented diagnostic blood test. Microplate version of test received 510(K) clearance from US FDA for marketing in US through several regional and national lab testing facilities and hospitals. Last month, BGMD sat down again to renegotiate with CMS to increase reimbursement of Galectin-3 test from the $18.34 they are getting to $30.24. They will get response by the end of year. This tiny mini-microcap has revenues and very low float. It is totally oversold and a great buy here. Earnings are on Friday. How many biotechs out there are way higher priced with zero revenues.
Sentiment: Strong Buy