Dr. Cannell about himself:
As usual I am only competent to comment on Lakewood's assessment of Rayaldy, OPKO's vitamin D drug. In their article, Lakewood despairingly referred to me as a psychiatrist, which is true. They could have also accurately referred to me as an emergency room physician or a GP, both of which I have been in my career. The fact is I have been the executive director of the Vitamin D Council for 11 years, during which time I written and published more than 15 peer reviewed scientific articles on vitamin D, three of which are the most cited articles in the history of their respectful journals.
Finally, Lakewood does not address Rayaldy's largest market share potential, which is off label prescribing. The number of people taking vitamin D, the number of doctors ordering vitamin D blood tests, and the number of scientific articles about vitamin D have all increased exponentially in the last few years. Once (if) Rayaldy is approved, physicians will quickly begin prescribing it for routine vitamin D deficiency for the same reason they currently prescribe an inferior form of vitamin D now (Drisdol). Unlike Rayaldy, Drisdol is not human vitamin D and does not address any vitamin D concern as effectively as Rayaldy. I believe Rayaldy will quickly capture the interest of physicians looking for a reliable prescription method of addressing one of the most common medical condition diagnosed these days, vitamin D deficiency.
Dr. Cannell wrote this in the comment section of SeekingAlpha hit piece today:
What I disagree with, and what any vitamin D expert will confirm, is what drug will compete with Rayaldy? Lakewood asserts it will be over the counter (OTC) vitamin D3, which is available now. If Lakewood's contention were true, kidney failure patients would already be taking OTC vitamin D and they are not. The fact is that OTC drugs simply do not compete with prescription drugs and never have. Both patients and doctors expect a prescription after an expensive consultation, an unfortunate fact of modern medical care and one the FDA implicitly acknowledged by fast tracking Rayaldy.
Lakewood also contends that prescription activated vitamin D (calcitriol) marketed under trade names Rocaltrol (Roche) and Calcijex (Abbott), or similar calcitriol analogues, like Hectoral, will compete with Rayaldy.
This may be the case for the few nephrologists who have not kept up with the current scientific literature, but, as the FDA knows, kidney failure patients need both a drug like Rayaldy and calcitriol or its analogues. When the kidney fails, it loses its ability to make calcitriol and thus calcitriol or its analogue must be given along with Rayaldy or similar drugs. Calcitriol or its analogues do nothing to address vitamin D deficiency, thus -- as the FDA knows -- kidney failure patients will need Rayaldy to both address vitamin D deficiency and lower parathyroid hormone, a need as yet unmet in this market by calcitriol, calcitriol like drugs, or OTC vitamin D.
you guys are correct, my mistake. I was going off memory when I posted last night. should have done my dd before opening my mouth!
Look at history. Last time this happened the stock went up. See the chart? there is a noticeable fade after the initial filing (early Feb) and the stock rallies after that. We already faded back to mid $30s this fall (after sept filing) and have already entered the ensuing rally.
Onyx... I've floated the idea of another large investor initiating a proxy battle and Carl voting in concert with those efforts. Do you see this as a possibility? Seems like a rather obvious loophole in standstill agreement.
Melissa is hot!!!!!!!!! Real men like curves. If you want a bony girl who looks like a little boy naked, go ahead and date one. I'd take Melissa to dinner anytime she'd have me :)
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!
Fund is actually up today. Closing price is down ~6% due capital gains and/or dividend distribution. Not a bad thing at all! I figured I'd post in case anyone was wondering :)
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)