Platinum has millions of shares and has ridden this from 40 to 2. If they cannot vote Doman out, they will want to get whatever money they have invested out of the company. I think that's fair, and it's actually good of them to announce that- for what it's worth I will be selling mine too. Who would buy? They will lose platinum as a financing source, and no one else will finance them with that stigma.
Well for what it's worth, I added 5k shares following the drop in the 6.50 range. I'm fairly certain it will recover to 7 within 2 weeks. Relax, maybe sell some 7.5 and 8.00 covered calls, and call it a day. Mine is completely on margin. Add more shares in the 6.20's if it hits there, otherwise sit tight.
Short sales were up from the usual 30-40% to 70% today. I think this morning's 80c drop was one good short attack, and well timed too- news was good but not spectacular and there's now no catalysts on the horizon, I'd hit it now if I was short and then cover over the next week.
I was surprised at the 50million that Cytomx got upfront in one of their deals with either pfizer or BMS. forget which. But that's some serious cash. Plus the ability to get up to 366 million from that deal. Wonder if they get #$%$ royalties like imgn then...
FDA rejected it once. No buyer will make a play before the FDA approves. If they make a play and the FDA rejects a second time, it's lights out and no third chance. If you're going to commit 6 billion, you might as well be sure you're getting a good thing and wait and commit 7 billion instead of having a slim chance of blowing all 6 billion and looking like an idiot. For that reason, I'm out of this stock until the hype dies down and the price is back to 30. I think 5 billion is a fair buy out, i don't think we see 8 billion for it- i just feel you're too optimistic. No offense meant. I just have other good plays to make for the next 3 months. All the more power to you if that buy out comes early or higher than i expect.
Love the stock, but emptied my position today. I say we see 30 again before we see 50. If I'm wrong, best of luck to all you holding long positions. My fear is that all the hype over being acquired is temporarily beefing the price up and if there's any hint of delay it will break the momentum.
This is completely insane. This company doesn't give a rats butt about its shareholders. I wish i had never invested in this company.
I totally share your frustration, but I'm currently hoping we're just in a temporary low between good data-- the approval of Kadcyla last year and then the good data to come later this year. We've got a lot of catalysts that can add value to the company, but I wish the company itself would hype its own advancement more. I am amazed at the low market value of the company but it seems like no one wants to credit IMGN for anything that isn't 100% sure, and agree that wallstreet is discounting IMGN for its failures in the past year (particularly 901). I am sticking with this till october with the hopes of
BT062 (short term)
Kadcyla label expansion
Cytomx drugs (long term)
Kadcyla first line
It sounds like they will have to do ANOTHER capital raise to fund ANOTHER phase III, put those data together and resubmit in a year. So much for being worth anything now. On the bright side, the market cap of this company is only 23 million now so it is an easy acquisition target. Also, they may not need additional data to get approved for other markets. Anyone else have any intelligent thoughts of what will happen?
I could have sworn that news came out last week...
NICE only rejected the drug over price: "Heat on Roche to cut Kadcyla price after NICE 'no'".
Here we go, off the chugai website:
Drug price: Kadcyla® Intravenous Infusion 100 mg/vial 235,108 yen
Kadcyla® Intravenous Infusion 160 mg/vial 373,945 yen
That makes the prices 2300 and 3700 per infusion, vs the us : Kadcyla is $3,328.28 for 100 mg and $5,325.25 for 150 mg vials.
So yeah, I guess a 20-30% cut in Japan.
What about BT062? I don't think 289 is the last resort for this company. A few other partnerships could take us to 16. A 289 hit would easily add 5 or 10 dollars, but our partnerships can add a few dollars for each success.
It's not just biotech, this strategy is being used across the board in the tech field. JASO reported phenomenal earnings (EPS 26c/share, expected 6c/share) and opened 8% up, within 10 min it had been dropped 15%.
I think the current strategy is to wait for any slightly good news, short, and hit it so hard that retail is disappointed out of buying the good news. Frankly, it's a stellar strategy- you then buy the good companies for a discount! The companies that are doing beyond stellar are not susceptible to this because too many people buy and make it impossible to short it down, but in a thinly traded stock with good (but not great) news it's a winning strategy.
I've seen this across the board. On any news, even good news, the stock is taken out to the woodshed and beaten. It's usually a 10% drop, and it's flushing out all retail investors. Give it 5 more weeks of this and we'll see things reverse.
There is absolutely no volume on this decline. Well, relatively speaking. I'd be expecting heavier than average selling, but no...
I assume there are many new people because people want somewhere to vent as the company destroys their investment.
Any thoughts on what IMGN 779 is? My guess is it will be the discontinued IMGN901 with a new cytotoxic linker AND a pro-fragment from the new collaboration with cytomx. Whatever it is, it was in the 10k as a money sink.