From $4.05 to $2.64, wow pumpers got clobbered on this one.
And more to come.
1. Quarterly losses get reported next week and in November.
2. Insiders dump hundreds of thousands of stock options onto the market (it's called dilution) over the next 4 months.
3. Tax loss selling for clowns who bought above $3 and $4.
4. Starting at stagnant script growth till reps get trained and get out in the field and even then they won't be selling enough to cover their outrageous salaries and bonuses.
5. No catalysts till 2013 to slow down the decline.
Reetch $300 million market cap is absolutely reasonable unless losses the last three months and next three are not contained and/or improving. If costs of goods/research is not somehow reduced 2011 low will be challenged! Revenue is not going to change that at the current rate it is at. Someone, or some development, must cease to exist at AVNR now.
If anything it will be worse than what we saw in December 2011.
The only problem this time is if they can't prove they can fix it come January it may not ever recover. It would be a real shame that due solely to Katkin's greed in not selling this company to big pharma so big pharma could launch and sell this drug the right way that the whole thing gets flushed down the toilet.
Speaking of toilet I think I'm going to go take a nice big greatday and wipe my tradestoxx.
If $2.69 is cracked, I think we will soon see prints in the $2.40s. If we see $2.40s, I see no reason we wouldn't see the $2.20s again in less than a month's time. I plan to pick up trading shares at the two latter price ranges, should they materialize.