Will Lewis today took over (completely unaccounced) as chairman/CEO of my company (Insmed) in which I have been invested (and totally scr*wed over) for the last six years.
I'd greatly appreciate comments/opinions regarding what Aegerion investors think of him.
From what I can tell, it looks like a continuation of the scr*w job that has been going on at Insmed by insiders and hedge funds during recents years: a "strategic review", a suprise reverse merger with a company which valued our company at 75% of the then cash-on-hand (we had not debt, strong IP and an approved drug on hand), followed by a 10:1 reverse split, entry into the Russell Index, then a massive short position was taken out (5.3% of the shares outstanding), followed by clinical holds on alleged phase III ready products which caused the stock to collapse to new all-time lows, from which it is yet to recover (oh and the shorts who shorted (at $12) covered at $3 this summer, after the inevitable exclusion from the Russell this year). We've had a "blank check" S-3 filed recently, so many of us expect massive dilution, AND the long-standing CFO recently quit, now today the CEO was "replaced" by a hedge fund guy with ZERO medical/clinical background who is supposed to guide us through pivotal phase III trials...
As you can tell, I think I have already formed an opinion of Lewis, but please, please do chip in.
IF (big if) IF you think he's a good guy, then Insmed stock is a bargain, by the way. It's never been lower, and most of the longs (who have "averaged down" over a string of recent disasters are 60% underwater.
We were involved when he ran AEGR. He is straightforward guy who understands how wall street works and how to filter scientific jargon into laymen's terms and more importantly has powerful connections with institutions and management at biopharma companies. We have large position now in Insmed (INSM) and quite optimistic on share price from these levels.
BTW we have trading position in AEGR for short term play also...