As far as additional hedge funds, Dafna Capital Management owns over 1.4 million shares of the company and Camber Capital Management owns over 8.3 million shares of the company. These guys will vote with BF.
His major holdings are FLML, HZNP & ANGO See how they have done.
What is an activist investor? This is an investor who takes a large stake in a company that is usually under performing with the goal of making changes to improve the situation for shareholders.
So what should you look for when it comes to buying stocks and activist investors?
When I’m looking at buying stocks of companies in which an activist investor has taken a stake, I want to understand the rationale behind their investment strategy. Does it make sense? Is it viable over a reasonable period of time? Is management receptive or hostile to this investment strategy?
These are just a few questions one needs to ask when buying stocks, as the answers can completely change an investment strategy.
For example, if management is hostile to shareholders, this would mean that the activists will most likely try to get seats on the board, which in many cases takes months. Following that, it will take additional time for the executive team to be replaced.
This is just one example of the variables one has to consider when buying stocks of companies that are being targeted by activist investors. Overall, the investment strategy of trying to create shareholder value is positive, and I think that while some activist investors might be too aggressive in their approach, the market is better for it in the end; rather than having a situation where corporate executives can ignore shareholders’ will, activist investors get these executives to listen.
Not all activist investors are successful, so again, don’t just dive into buying stocks because the big boys are doing it. If an activist investor is trying to improve a company that has long-term potential, then it might be one to add to your radar. Watch activist investors, but be sure to research companies and know how they will fit into your portfolio before investing in them.
Also, maybe IMGN doesn't want to work with Roche after they took advantage of them on Kadcyla royalties when their backs were up against the wall.
Lots of excitement & money has gone to the shinny new toys like AGIO, BLUE, Sutro, CLDX etc, but none are proven. Valuations are large. Look how ECYT crash and burned. Novartis with 6 licenses, Sanofi with 5, Amgen with 4 look pretty committed to IMGN. Perhaps it's more about matching the right ADC, Linker & antibody then choosing one platform over another.
IMGN actually as been nominated for a few awards. Best category, most promising drug candidate IMGN 289! Best Scientific Innovation CytomX Probodies Best Scientific leadership team - IMGN and individuals nominated Lamber and Chari
Genentech, ImmunoGen & Agensys reveal updates on leading clinical stage ADCs and Improvements in up and downstream ADC processing and formulation will be revealed by Lonza, ImmunoGen & Baxter.
Thanks Broadfin for keeping the lid on share price gains with the release of good news as you have done each and every time! Great way for you to win and influence shareholders to gain your proxy votes, NOT!
I think Cardicas best play to shake these scoundrels is to get an equity investment from JNJ, COV, ABT or Stryker and a licensing deal for the open market just as ISRG did for the Robotic Market. I have a feeling now that the final design of the microcutter is stamped, that we will hear something from ISRG. They have been playing with it for 3 years. ISRG also has something to say in the eventual acquirer as they have an equity stake and licenses depending on the new owner/partner. With the technological IP Cardica has and (2) FDA approved products in a billion dollar market with stapler IP expiring, I feel with cash on had, existing sales, NOLs Cardica would need $275 - $300 million to get a deal done. $3 - 3.65/share. This is only because they are in their infancy of the commercial launch. Otherwise if they could hot their stride and capture 25% of the market with a niche best in class product, valuation would be 250million potential sales x multiple of 5 or $13+ a share.
14% of the outstanding shares traded today! Could be fund managers exchanging hands end of year. However, this is a bit more curious give how low it's traded with this scale and without any news. Could very well be Roche accumulating prior to Marianne Read Out. Wouldn't be surprised as you state that this will happen prior to the annual shareholders meeting.
Immunogen has been nominated in 4 out of 6 awards at the upcoming World ADC awards in San Diego - Oct 26th. Cat 1 most promising drug candidate is IMGN 283! Also a finalist for best Team, John Lambert nominated for individual input to industry and Ravi Chari nominated for long standing contribution to the field. CytomX Probodies was nominated for best scientific innovation!
How can Broadfin expect earn shareholder votes when they have been the big manipulator - sellers keeping Cardica's share price down. Hope these scoundrels get out and move on once and for all!
Vulcan why are you getting so emotional? If you didn't think you were a moron yourself and my message was specifically targeted at you then you would have ignored it. Guess I touched a sensitive nerve.
Agree with gene. Lot's of IP and (2) great FDA approved products available for only 40million! I suspect some news and a big microcutter launch at the Amer Coll of Surg on Oct 26th in San Fran. Maybe you will have something to be happy about soon! Wish you well as you must be a frustrated share holder and not just a paid basher.
I had an order in for $.95 and never got filled even when it dropped to $0.88 for that 30 second window. Seems like these big blocks that are below the current bid all the sudden find a big seller telling me these are pre-arranged trades with a fund manager moving between accounts. Trading seems soft but there is clear accumulation going on! Thoughts anyone (with a brain that is, not the usual gang of moron bashers full of emotion and no facts)?
Has all the cancer money left IMGN & SGEN ADC Technology for CLDX, AGIO & BLUE?
Credit Suisse on Sept 18 gave IMGN a value of $14.00. TDM-1 Royalties $6.00+Cash & NOL's $1.00 and Pipeline/License Deals $7.00. What part of this equation evaporated, Kadcyla or Pipeline? Still doesn't add up for me. I think this is a no brainer acquisition for Roche and possible Novartis (6 licenses) Sanofi (5 Licenses) and Amgen (4 licenses)
I'm glad that their is still interest in ADC technology. The wall street money seems to be moving to new cancer technologies such as AGIO and BLUE. However, the large pharma companies appear to still be interested in ADC technology based on the number of new licensing deals. I hope their are more successes to bring the money back to ADC such as IMGN, SGEN and CLDX.
Not always the case. I work for a small company just acquired. Our stock was sold hard to the point we said internally is was a no brainer for someone to acquire us. Niche product, cash on hand, in need of larger resources to realize full potential and NOLs. I think IMGN is now at a no-brainer price! We'll see.
I know the biotechs are getting hammered, however, IMGN is getting aggressively sold off beyond it's asset value! I smell an acquisition strategy in the works. This is not behaving the way a company with an approved drug with a first line study about to be released, 17 licensing deals, 200 million cash and a wholly owned pipeline of 4 drug candidates with one about to be moved into phase II. Just very strange! Of course they can accomplish this with the overall market selloff and lack of news. But at some point, which I believe the time is now that this just doesn't make sense at all!
I personally think getting the final design or iteration was reason for the slow sales ramp up, major inventory production and any delay in further FDA Submissions for the exchange 45 and the short shaft 30. I also believe we will begin to see movement in ISRG using the microcutter on the DaVinci. Power medical version recalled already. Maybe they will shelve it and get the Microcutter out soon. Have had the license for few years now. Looking forward to the College of American Surgeon meeting coming up end of October. Could be a major launch pad meeting for Microcutter.