I wrote IR and this was there response to me:The 236,517 shares sold by selling stockholders relates to stock options held by one officer and three directors, which stock options would otherwise have expired within the next 15 months. The Company and those persons determined that there were limited opportunities for them to exercise those options, and sell those shares to pay the exercise price, during the next 15 months (i.e. the trading windows for executives of a public biotech company are typically shut as they often have access to information that is not in the public realm). Given the fact that we were at a point with the financing that all material information was public, the window was open for this transaction.
Please note - all of the selling stockholders continue to own both stock and/or have additional options outside this expiration date that they continue to hold. They are fully vested in the future of Celldex.
If you have questions, please let me know.
Vice President of Investor Relations &
Basically, during the next 15 months, or rather many times during the course of the next 15 months the window to sell options as material information becomes increasingly known, a priori the viable ability to sell options will become increasingly less possible so if not entirely impossible lest liability exposure - selling on material information known ahead of release
Thanks j20 for doing the leg work. You just put that issue to rest. 100%. Shorts and other interests will continue to try to flog a dead horse (with desperation; look at how convoluted, vague and confusingly presented some of the "counters" are in this thread). The director and officers sold because it was in their interest due to their options expiration. They didn't sell their options with other expiration dates. The rest of the directors and officers did not sell. Let's move on to addressing the next absurdity that somebody throws up in our face
Sentiment: Strong Buy
Well, I for one at this point am fine with this explaination. It's absurd not to be happy with Celldex at this point AM and company have been delivering on the pipeline and navigating the financial markets with aplumb. Celldex now has capital in place to deliver on the pipeline and leverage necessary for any dealmaking they so wish to do. Why the market doesn't get it and is penalizing them for nothing but great progress is beyond comprehension. It's basically baloney. Celldex has the goods and market will sinply have to take notice at some point that this compna is going to be the next major and successful fully independent biotechnology company on the planet. Buy more Celldex.
Sentiment: Strong Buy
Why didn't the company issue preferred, restricted shares to stockholders of record by a per-determined date instead of jobbing it out?
I am a man who supports 3 households who "Celldex" stripped of a huge sum of money. I am one of your supporters. My mother went to Dana-Farber & Sloan Kettering.
Also, I would like you to know I am a man who will be soon disabled (leg amputate). I believed in Celldex. Maybe you guys ought to run KOOLAID STANDS.
This is my note to Celldex
Sentiment: Strong Sell
You better sell tomorrow to pay for your medical problems or better yet sign up for ObamaCare and tell them you LOSS all your money on CLDX and you'll get it for FREE. But they may tell you that you don't have a leg to stand on for FREE ObamaCare
They f'd my family in order to support theirs! (CLDX). You are spot on about biotech's, they are out of favor, even the great ones got creamed today. because of the circumstances with cancer and family I bought into the CLDX KOOLAID STAND THEME!. Show me something that they have brought to fruition. I am probably going to sue them in I find wrong doing anywhere. It is us that #$%$ gave them legs to walk!!!
Sentiment: Strong Sell
Please give me a break. You are full of sht, or if not you are way the off here. They" f'd you r family in order to support theirs!(CLDX)" LOL By the normal par for the course of selling options when they could (which is comparable to, idiot, "compensation" as that is essentially a large part of their salary? Show you something they brought to fruition," Oops, now I know you are FULL OF IT. Please your post is risible
No one is talking about a conspiracy. But NO one also had forced them to sell the entire amount they just got.
Why would ANYONE sell if they thought they could sell it for more. soon ?
It was a DUMB move. Or maybe not...?? Either option is not a good indication for investors.
Aside from the sale, CLDX broke support.
Insider Trading Relationship Date Transaction Cost #Shares Value ($) #Shares Total SEC Form 4
CATLIN AVERY W Sr. VP & CFO Dec 06 Option Exercise 8.16 183,333 1,495,997 197,442 Dec 10 04:15 PM
PENNER HARRY JR Director Dec 06 Option Exercise 8.16 17,728 144,660 31,144 Dec 10 04:15 PM
LIPTON KAREN SHOOS Director Dec 06 Option Exercise 8.16 17,728 144,660 31,061 Dec 10 04:20 PM
ELLBERGER LARRY Director Dec 06 Option Exercise 8.16 17,728 144,660 42,728 Dec 10 04:15 PM
LIPTON KAREN SHOOS Director Dec 06 Sale 24.50 17,728 434,336 13,333 Dec 10 04:20 PM
PENNER HARRY JR Director Dec 06 Sale 24.50 17,728 434,336 13,416 Dec 10 04:15 PM
CATLIN AVERY W Sr. VP & CFO Dec 06 Sale 24.50 183,333 4,491,659 14,109 Dec 10 04:15 PM
ELLBERGER LARRY Director Dec 06 Sale 24.50 17,728 434,336 25,000 Dec 10 04:15 PM
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Thank you for posting. It clearly indicates to me nothing remotely clandestine or sinister on the the part of the CFO. Also, look at his age (65) and I would also think that plays a role, as well as I'm sure there is discussion regarding a transition for the future regarding that position. The major comfort levels for me are the nothing but positive recently announced news and the fact that large, blue chip houses participated in the secondary. Since his planned disposals were well know, don't you think they were extremely well scrutinized by those same people. To me, since they bought in spite of that knowledge, makes me think there is some significantly more positive news around the corner
Sentiment: Strong Buy
Thank you very much for doing what we all should have done... Talked to IR directly. This is now a very logical explanation to why the all sold. These must have been issued a ways back.
njcheesehd and j20t - the answer from IR doesn't mean too much. Officers get shares and are of course not allowed to sell during the balck-out dates (period before insider info is public info, always before financials are released, PRs go out etc.) but there are plenty of times'dates throughout the year that insiders can sell. I am personally very familiar with this process. This is common and not an answer as to why the CFO sold 90% of his current vested holdings. IR can't answer such a personal issue under threat of libel or slander. Therefore, IR isn't going to help us here. GLTA
Trading blackouts usually constitutes 4-6 months of the year. So they must be expecting continuous material events in the other 6 months?
Doesnt really matter to me. Institutions will get their 90% by manipulating low volume days. Actually, its 90% - my shares.