Since you're such an expert on OGXI's trading range, I guess some clown made this buy for you. Don't worry, the price will recover - not because of your magical technical trading range but because there's a catalyst in the pipeline. Meanwhile, you're under water. Congrats, genius!
"Re: Re: Re: Re: Re: CEO AND CFO RESIGN ON THE SAME DAY?
by boxcarlong . Feb 5, 2013 1:54 PM . Permalink Go to topic
I added today @$12.40 the low of the day via a fixed limit price trade.
Tnk.shorting: I don't mean to create the impression that I was dismissing your concerns.
I think two things:
1. it really is a non event and we should focus on the drugs. In the full context the money paid out is quite small and cash is not the problem facing this company.
2. no one has even asked why we have such stupid corporate governance issues like this. It really has gone overboard where resignations have to occur in these situations. I believe that the statutory fiduciary obligations imposed on officers and directors of corporations protect the public (at least here in Canada that has been in place for eons) ; but North American companies have been forced now to impose Codes of Conduct and elaborate corporate governance models that have created unrealistic rules and expectations. I know that shareholders and the public have to be protected from corporate politics but in this case it strikes me that we are returning to Puritan morality - hardly the governing ethics of capitalism.
Anyways, we are dealing with humans here and their personal lives, so I prefer to just move on and focus on the positive things in this company.
OGXI is probably the most frugal spender of investors resources for a biotech on earth. Most of their money comes from the collaboration between University of BC and BC hospitals and governments (both US and Canada).
That is why there are so few shares for a company with the huge pipeline they have. That is why there is fluctuation because OGXI is so good at controlling its money.
The money associated with the "non event" is peanuts. Puritan corporate ethics don't force people to sell. Move on.