Wonderful and noble gesture on Duggan's part but 12.5 million shares is drop in bucket compared to the 70 million outstanding. Even at $50, PCYC is extremely high from its 12 month low of $10.83.
I suggest that today's action confirms just how quickly PCYC profits can vaporize in a very short period of time. Recall, less than 3 weeks ago, PCYC was selling at $70. Today it just started its major decline and it is already at $50
Shareholders are beginning to realize that they are several years away from very high risk trials and there is a tremendous amount of profit at risk that wants to protect itself and is just starting to get out one small door and that will drive prices down hard. PCYC's drugs are in far too early stages for any help from clinical trials.
The trade of the decade is to switch PCYC shares into AMPE shares. One PCYC share will get you 12 shares of AMPE that is ready to explode because AMPE is in the Red Zone with 3 major Clinical Trials starting by year end and all 3 drugs are huge blockbusters. Based on prior trials and data, all 3 trials are exceptionally promising. AMPE is poised to explode very similarly to the way PCYC was poised a year ago.
Not aware of ANY pivotal phase III trial underway. I just checked clinicaltrials.gov and they show that a non-pivotal, phase III is just recruiting now but has not started. If all goes on schedule, it is expected to be completed in 3 years in December 2015.
And understand it is phase III trials where most drugs fail. They are very high risk.