Management made a classical mistake. They repeatedly reported how lucky they were to have Joanna Horobin at the company. Each time they presented we were told how capable she was and how many drugs that she worked on eventually were approved. Now she's gone. That's real bad news when a company is developing a new technology. It makes investors, including me, wonder if she was no longer impressed with VSTM's stem cell program. It's particularly concerning when the stock price is significantly underperforming for no apparent reason. Adding to the concern is that Christophe Westphall, one of the company founders and a very successful guy keeps buying about 300 shares of stock about once per months. Is he trying to make us think there is insider buying happening? Believe what you want, but, it's only a few thousand dollars for each purchase.
I listened to the webcast from Jefferies and was very disappointed at how juvenile the participants sounded.
The theme of I'm great, I'm terrific and what a genius bunch we are came through like a gathering of 13 year olds at their first school dance. I suggest they make impressive moves so we can come to that conclusion on our own.
Let's hope it was a one-off. Otherwise we have a bunch of narcissistic unstable personalities running the shop.