Does anyone have any comment on how confident they are in BTIM's management team? I think it is worrisome for BTIM's investors that so much of its board is composed of BTIM's management. Does anyone know how involved BTIM's management was with the management of CMSI? Judging by CMSI's stock history, any significant involvent is not encouraging. I feel sorry for anyone who has been long in CMST's stock for a "long" time. Now, though, the price is so low, I think it would be a poor short.
I don't own either btim or cmsi. For me, there is a price above which it is a good short and below which it is a bargain long. The hype, emotion, lack of management experience, and history with CMSI are reasons to short this stock. In general, though it may be a good product--certainly there is a large market for blood and its substitutes. I would consider getting in long at single digits, but I certainly would not make it a major part of my portfolio and I would want to spread my risk around this sector.
People seem hyped about Abbott as a partner. Abbott is NOT a market leader in this area. It got its ass kicked by Baxter about 20 years ago and has never caught up. That's not to say that being partnered with Abbott is a bad thing, it's definitely a plus.
Obviously, this doesn't have anything to do with BTIM's long term potential or basic science, and I'm not even sure whether it is just perception or reflects reality, but it seems like BTIM had an over abundance of press releases with respect to their Phase III hextend trial, e.g. "BTIM has finished its trial", "BTIM will present its results at xxx meeting", "BTIM is unblinding its results", etc. There's no beef here. In terms of the blood substite-like and blood-safety companies I've looked at, BTIM is clearly the most hype-prone, and I don't think this is such a good thing. Biotime may have a good product, but so much hype breeds unrealistic expectations, and anytime those expectations aren't met, the stock takes a bigger hit than it should.