Are the comments from the recent conference call regarding the recent acquisition under appreciated?
"In the fourth quarter, and soon after, we took 2 important steps forward. We completed a follow-on public offering that brought in about $23 million in net proceeds, and we acquired Molecular Insight Pharmaceuticals, which expanded our oncology pipeline with diagnostic and small molecule therapeutic candidates, targeting PSMA and prostate cancer.
In addition, earlier this month, we reported positive clinical data from a study of imaging agents that were a part of this acquisition. We were proud to report that a paper summarizing these data was selected as the cover feature for the March issue of the Journal of Nuclear Medicine.
Imaging options that currently exist are limited in their ability to diagnose and stage prostate cancer. Data from studies of the compounds discussed in the journal paper and from MIP-1404, all of which we acquired from Molecular Insight, indicate that PSMA is a robust target for prostate cancer molecular imaging. A radiolabeled small molecule, which binds PSMA with high affinity, has a potential to detect prostate cancer throughout the body. It is clear to us that an improved way to visualize prostate cancer with a high degree of specificity and sensitivity would help physicians and their patients make more fully informed decisions about watchful waiting and treating aggressive disease with therapeutic regimens."
First of all...there is NO FULL proof way to time buys.
A great mantra by Jeff Saut in the last 70 seconds of this video on philiosophy...
From 2:50 to the end...
Sums it up really...
On December 30, 2012...said this about KKD:
"Strictly looking at the chart...This is one of the strongest charts currently.
A break of $9.80 +/- looks like a possible move to $17 longer term.
See a possible quick run to $12 based upon the chart if it were to break that upper $9 level."
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$9.50 to $15 in 2 1/2 months.
Same principle...lack of sellers (why should they SELL??)
Back on December 3, 2012...I made the following statement about UNXL:
"Highly recommend a look at a weekly chart of UNXL looking back 7 years.
Clearly...a break of $8.50 and you may have a run with absolutely minimal resistance above that price."
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$8 to $32 in 3 months.
Am I saying that PGNX will go up 4 fold from here anytime soon? No.
Just pointing out that 90% of the holders of this stock are institutions. They are generally HOLDERS - looking for long term appreciation and or a buyout.
The other 10% are traders / investors. 99% of THEM are in the black now. Why would they sell at $5.25, $5.75 or even $6.50 knowing that they just isued a very good earnings report with plenty of potential intermediate term catalysts ahead?
At $6.50 the market cap is $300 Million. $50 Million LESS than the day before the FDA delayed their approval for expanding Relistor applications.
The chart has a $7.75 P&F target. We shall see.
So...you are a rare breeed - holding a position that is down OVER 60% at the bottom?
94% of the time that is a recipe for NEVER getting your $$ back.
The point is this...the buyers between August and February are all in the black. Every one of them. A break of low $5's and you MAY see a race toward $6.50 (and maybe higher).
Relatively speaking...most likely nobody in the trader universe out there owns this at a cost basis above $5.20-$5.40 +/-.
Logically speaking...anybody who BOUGHT in at the late July gap at around $5.25 to $5.50 was already shaken out during the fall drop.
When and if it gets thru $5.20's and $5.30's...
Think the market is looking to apply a $400 to $450 Million Valuation on PGNX based upon the recent excellent earnings report and potential for that to continue unabated along with the PSMA ADC partnership potential.
It was worth $429 Million at it's peak in Mid 2012.
I agree there is VERY LITTLE resistance between here and $6.25 to $6.50.
Actually.... do not see ANY resistance from $5.50 to $8'ish.