I don't know what %, but I know it was up nicely (along with the broader market). I can see the top 100 holdings in FDGRX and it's a sea of green arrows :)
As Madison said, it's due to a large capital gains distribution along with a modest dividend, as it's a capital growth fund, not a big dividend payer..
we should all see additional shares added to our accounts tomorrow (some brokerages may differ on exact timing) to compensate for price reduction today (settled using today's closing I believe).
This is a great fund with a fantastic manager. Good luck everyone!
billy - this possibility you suggest... that's called poking the giant. would not be smart to antagonize CI. He owns almost a fifth of the company. that's a lot of voting power right there, regardless of standstill agreement. Given that they're giving Icahn a couple board seats leads me to believe they are not interested in antagonizing Icahn.
Again, Jairy is correct. Under the standstill, Icahn cannot initiate any proxy battles either.
I have to reiterate this giant loophole in the agreement:
Another activist shareholder can still acquire and initiate a proxy fight however. And there's nothing to stop Icahn from voting with them. I'm not saying this will happen... but he who thinks that the standstill has effectively neutered CI is sorely mistaken. Carl is still very dangerous to the thieving ricci and his cronies on the board.
Anyone out there think Carl has no billionaire allies who want to make money along with him? Ultimately, this pressure on mgmt is all CI needs to effect change. With two board members on the inside, Ricci does not want to screw Icahn around. The greedy jackass wants to keep his job.
yeah this is not coca cola or apple. We're talking about a drug name that no one's heard of yet. If there was an issue it would have been changed.
Leo Sun at Motley Fool didn't even mention the cost savings aspect in his positive piece today! (3 Disruptive Medical Innovations You Can Invest In)
Jairy, you are correct. Under the standstill, Icahn cannot initiate any proxy battles either. Another activist shareholder could however. And there's nothing to stop Icahn from voting with them. I'm not saying this will happen... but anyone who thinks that the standstill has effectively neutered CI is sorely mistaken. Carl is still very dangerous to the thieving ricci and his cronies on the board.
Reduced doctors visits add additional cost savings. Otrexup can gain share in the RA market from all directions. Patients will upgrade to otrexup from oral methotrexate to avoid side effects and increase the drug's effectiveness. On the other side of the coin, we must assume there are thousands of RA patients already taking the more expensive options (Enbrel, Humira and Remicade) because they have intolerable gastronomical side effects from oral methotrexate or need better efficacy. Otrexup can succeed for many of these patients where the oral had failed. Insurance companies will be keen to move patients off Enbrel, Humira and Remicade wherever possible.
"Antares has indicated that it will price Otrexup at a price of $548 per prescription. Each prescription contains four weekly injectors. This has cost implications as the biologics can cost $15,000 to $25,000 per year versus about $6,600 for Otrexup. If Otrexup can avoid the use of a biologic, a health care plan can save $10,000 to $20,000 per year."
I'm not saying anything new here, but wanted to stress this point to the board. A combination of politics, socioeconomics and simple math make the bull case pretty clear. No matter what happens with Obamacare, the US healthcare system HAS to find ways to cut costs. The trend is inevitable. Antares finds itself very well positioned here. The Leo deal, following FDA otrexup approval, is a nice confirmation of Otrexup's viabilility.
From TheStreet piece this evening:
Oppenheimer reiterated its "outperform" rating but cut its price target to $22 from $23. The investment firm said while guidance disappointed, it expects a growing level of activism, particularly from investor Carl Icahn who holds a 16.7% stake in the company, to be a positive near-term catalyst to lift share prices.
Canaccord remained positive, reiterating a "buy" rating and $22 price target. The firm said Nuance is worth buying and holding onto over the next 12 to 18 months as the bears discount share prices.
Wedbush Securities was one of the few to lower both its rating (to "neutral" from "outperform) and price target (to $15 from $22), on the view the company's shift to cloud-based services in mobile and enterprise is creating undue risk and that additional investments are putting pressure on margins.
Icahn can't own 20% or more, so it's possible he may have dumped some shares this morning to get ahead of today's weakness. Free up some room under that 20% ownership limit. However, after the annual meeting occuring this coming January, CI will have the ability to become dangerous again.
"Nuance's Swype is WAY better than Googles VR"
I couldn't agree more. I have had the galaxy S3 phone for over a year. I use the speech to text VR at least 20 times a day to send text messages. I couldn't live without it. 'Google Now' is garbage - it's incorrect so often, not even worth using.
Shareholders would doing well if we didn't have the slimiest #$%$ on the earth for a CEO. I'd love to see Ricci on the street someday.
"Either the technology advantage is bogus or the management is inept."
Lotta, I will attest it's the latter. I have first hand experience with how superior nuance tech is vs. competitors. The tech leading edge + Icahn is (combined) the only reason I've been holding.