I completely agree about Broadfin! They have not impressed me whatsoever. With the Nasdaq delisting notice closing in, no real market value, and a company that lacks to put out PRs and keep shareholders updated, it's hard to see this stock being any more than a huge gamble. I would like to know why Wedbush feels this is a buy.
I still take a contrarian look at this stock for the positive (or try to).
I understand your reason for being frustrated. Cardica has ran around circles for 15 years and has very little revenue to show for it. There's no telling what's going on but I guess I'm hoping that something will come of this.
Too many umms and uhs from the conversation with the CFO. I don't like that and never have. The other member I spoke to...he was using some inappropriate language...correction though, he was from Broadfin but I don't think he is on the board.
I've made many mistakes in the past. I've been irritated by the way the management at Cardica has communicated with shareholders and how their website looks like it was built in the mid to early 90s.
With that said, I'm taking a risk while the prices are low and while you all are selling some of your shares, I'm starting to buy some up. The problem I have is I feel like there has been so much downward pressure put on this stock compared to the upward potential, that it is worth a shot.
I really liked how the questions on the Quarterly meeting were aimed at the guts of Cardica management. Hey guys, why aren't there are insider transactions right now if Cardica is such a great buy? Hey guys, when are you going to put your focus on building shareholder value? And Kevin from Broadfin who was the final question asker...I'm not so sure about him...just a gut feeling on my end.
It's obvious all the negatives for this stock and I feel them too. Here are the positives I see: 1. With the layoffs, the cash burn rate is significantly lower and there should be no reason to have to dilute shareholder value in the near future with releasing more shares. 2. These guys have already built a reputation with a lot of these hospitals/surgeons and there is a ton of positive feedback. It's just a matter of getting the product out there where the surgeons can access it. 3. The market size for the Microcutters is huge. There's big profit potential. 4. With a say, 120 day turnaround from the FDA, a commercial launch, expanded vascular capabilities, I'm pretty happy.
All in all, I feel like the pain that has been inflicted on this stock is at one of its highest points...could be right, could definitely be wrong. I've talked to the CFO, I've even talked to a member of Board - I have mixed feelings about the conversations I have had with them. I'm a bit more impressed with a little more transparency lately with the Business Update meeting. But, why not issue more PRs? Drives me nuts!