Focus was expected to fail - note AMGN stock now higher so kyprolis not effected much at all by this trial as progressive free survival data enough to warrant use of this drug.
If you hold LGND shares and please make it hard on the shorts!
Do NOT let your shares be lent out.
You can do this by asking for your shares to be held in a cash account rather than a margin account; so they can not be hypothecated.
I just did this at Fidelity.
Schwab was more difficult.
Please go ahead and raise the costs of the borrow!
Thats idiotic. They clearly are still poorly run; are not buying back anywhere close to enough shares given they are trading at 80% of book value; and we need a shareholder resolution to force them to continiually buy back stock until p/tbv approaches 95%.
The big boys definitely are NOT selling as they are all 5% plus shareholders and if they were selling they would have to file a form 13D correction within 5 days. Just shut up and enjoy your short without spreading false stories.
It is up because all mreits are up as the bond mkt rallied. If you want to do something helpful support the activists and pressure idiot management.
Seeking Alpha comment to my post:
Author’s reply » Thanks for your comment. I agree that that the discount to book is severe, but I'm not convinced that book value represents the underlying value of the company because of the ongoing conflicts of interest. Since a stock buyback would decrease management compensation, I don't think management will get behind it.
If management is replaced, I would need to reanalyze the company to set a price target and would need to discount for the costs of golden parachutes or litigation. If the market values of the assets are actual representative of the values they could be liquidated for, then I think liquidation might be the best strategy.
I looked into the proxy fight quite a bit and came to the conclusion that the activist group had a pretty solid assessment of the situation. Since a majority of the shareholder's voted with management, they are left with the consequences: A poorly performing company.
I was deeply disturbed that proxy research firms were supporting management. I wish I had access to more information on how they performed their due diligence and who compensated them for performing it. Since I do not have that information, I must stick only to my research.
One note to the activists: There is a comment in the company statements that limits the amount of control that can be held by an individual or beneficially of an individual, so anyone considering a large position with the intent of improving management should have legal counsel as well as financial. Again, my education is in finance, not law, so I won't hazard a guess as to how the courts would interpret anything.
Please read today's article in Seeking Alpha. Unless management goes back to buying back stock in large quantities (which they promised to do and stopped do as soon as the proxy was over); then this stock will never get close to 6.
ANH down again more than any other mtg reit after earnings. Please call Lloyd and ask him to continue buying back stock aggressively until discount to book is 5% or less!
Or better yet encourage him to sell. Next proxy season remember Lloyd's lies and vote with the activists if you prefer making money v. losing it.
Please see Arthur Lipton's piece in SA (and in Yahoo) about how Lloyd has reneged on his promise to buy back stock.
Of course ANH is by far the lowest yielding MORTGAGE REIT which is the appropriate peer group (not general REITS which includes all the property REITs). This stock will languish until Lloyd goes; the company does not stop buying back stock until discount to book is less than 5%; or it liquidates.
Holy reversal batman!! ;-) Might we have a full day reversal and close above yesterdays close??
This company now down to 5.25; about a 15% discount to book; continues to woefully under perform. Also it appears stock buy backs ceased as soon as Lloyd the idiot won his proxy battle. Perhaps we can we sue the worthless proxy advisory firms for malpractice?