What law is that? Typically options and restricted stock agreements have provisions to expire upon resignation which will be Nov 30 in this case. Of course he can exercise any in the money vested options and will keep vested restricted stock. No agreement to sell has been reached so his job is not done. This chain of events is weighing on the stock and me. I would very much like to get an explanation from the company.
Pending acquisition is one possible reason to pull the secondary.
But if this were the case, why would principal financial officer resign before cashing in?
Other "Possibilities" I can think of:
1. Pending license agreement with big pharma to fund development of 701/ 401. resulting in up front cash that removes the need for secondary.
2. Some undisclosed problem with the registration statement uncovered during underwriter due diligence culminating in resignation of Principal Financial Officer.
3. Secondary was pulled because of the decline in the share price with Management mistakenly thinking it would be better closer to ASH. Share price continued to decline resulting the the resignation of the Principal Financial Officer.
Whatever the reasons is, Management needs to clear the air on the Secondary overhang that is killing the share price into a very good story into ASH. All IMHO
You really are an idiot. You don't know how to do simple dd, let alone how to read market action. Just a clueless pumper.
No you don't know anything about biotech. Everything I posted is fact. get a grip.
Institutions selling into ash news. Perceptive Advisors and Baker Bros. were selling into Q3 strength, and looks like others have joined in with the rotation out of biotech in early q4. Volume hasn't materially increased, so selling is orderly but someone is getting out.
This was sell the news by weak longs. The short interest was low, so provided little support. I expect it to settle in @ 125 and build from there as we see RX data and the fda comes through with CLL indication. IMHO
Are you really this STUPID? There is no way insurance will not cover for on label indications. I guess true to your name you are uncomfortably short.
Why didn't they at least release the GAAP and Economic book value? No mention of the dividend going forward. No shareholder should have to put up with the incompetence CIM is displaying here. Interest rates are moving and we need to know how CIM is managing it and the impact it is having on Economic bv of the portfolio as well as trends in nim. This is nothing short of disgraceful. I sure hope Leon knows what he is talking about, because that is the only thing we have to hang our hats on at this juncture.
9:22 EST - Pharmacyclics (PCYC:$114.23,00$-0.43,00-0.38%) is close to FDA approval for its highly anticipated blood-cancer drug, but Bernstein thinks the stock has fulfilled its potential for now. The treatment is being developed with J&J (JNJ) and is projected to have $1B in annual sales by 2017, but the investment bank says the upside is baked into a stock that's doubled this year despite a 20% pullback the past 5 weeks. Needham concurs
Normal review is 10 months. Priority review is 6 months. Timing starts when a complete application is submitted. As far as I can tell the FDA has not yet agreed that the application is complete. Company expects the pdufa date to be sometime in Q3 2014.
I make the float about 21 million. which is the 42 million outstanding less the 49% yahoo lists as insider. this should include the 6 million held by perceptive.
They may not need another capital raise to commercialize, but that doesn't mean they won't have one. They will greatly increase the burn rate as they build the sales force in advance of approval sometime in Q3 2014. They will want to keep a one year cash burn minimum, so I would not be surprised if they do another raise prior to Adcom/ pdufa.
Being objective is not being a moron. They missed on earnings and didn't say the NDA had been accepted. Nothing to write home about. Hope the CC is better
Why then did perceptive just add 200k shares? Guess they want to give their money to you because you are soooo much smarter than they are.