TriQuint Semiconductor, Inc. Message Board

Unknown company in fastest growing industry, opportunity is huge but all know how important marketing is

Sentiment: Strong Buy

Pharmacylics and partner Johnson & Johnson (JNJ_) are expected to seek FDA approval for their blood-cancer drug ibrutinib before the end of the third quarter. FDA has already annointed ibrutinib with multiple breakthrough therapy designations, so it makes sense for the agency to approve the drug quickly. Is an ibrutinib approval before year end a possibility? I think so, in fact, I'd say the Street expects an early approval.

Sentiment: Strong Buy

outperform today target $90.00

Sentiment: Strong Buy

Gentlemen:



After reviewing the Company’s Form 10-K and preliminary proxy statement it is abundantly clear that the only viable path for the Company is a sale. A sale of the Company would provide the Company with access to capable management and enable the Company to enjoy economics of scale for its out of balance administrative costs.



The current management team has been completely incapable of operating the Company in a manner that created value for stockholders. In 2009, the year prior to Dr. Khatibzadeh becoming Chief Executive Officer the Company had revenues of over $56 million and a net loss of approximately $11.5 million. Last year, the Company had revenues of less than $18 million and a net loss of more than $18.2 million. Under Dr. Khatibzadeh’s leadership revenues have declined by 68% and the net loss increased by more than 58%. During Dr. Khatibzadeh’s short tenure the Company has undergone two major restructurings. The first was supposed to restore the Company to profitability. It didn’t and it is doubtful that the second restructuring will be any more successful than the first. In fact, at the end of 2012 the Company’s independent auditors expressed substantial doubt as to whether the Company could continue as a going concern.



Despite the atrocious performance of the Company over the last three years the Company has compensated its directors and officers at inappropriate levels. In 2012 the Company paid its five named executed officers more than $1.365 million of cash compensation, more than 11% of the Company’s gross revenues. In addition, the members of the Board received approximately $270,000 of cash compensation. All in all, the Company paid cash compensation to its named executive officers and directors of more than $1.637 million, or more than 14% of its gross revenues. The Company also granted stock awards that will significantly dilute stockholders.



If the Company were to be part of a larger organization there could be economies of scale for administrative costs. For example, at the end of 2009 the Company had 30 administrative employees. At the end of 2012 the Company, despite





Board of Directors

April 18, 2013

Page 2



68% less revenues than in 2009, had 22 administrative employees. In fact, nearly 20% of its employees were classified as administrative.



Finally, I note that the 90% of the short-term incentive plan award for the five named executive officers is based on the Company’s revenues. I believe that these targets should be based on profit, rather than revenue. The Company’s stockholders do not benefit if revenues grow but the Company does not move towards profitability.



As the Company changes its business strategy yet again, I would hope that the Board would also explore a sale of the Company. If the Board insists on remaining independent substantial changes should be made to management and the Board.






Sincerely,

Sentiment: Hold

mentioned Ibrutnib 5 times example of their breakthrough biotech, I think he even said might get approval in 2013 (not sure I got the date right)

Sentiment: Strong Buy

DLP Cinema® Technology Empowers Exhibitors With The Tools To Harness Digital Cinema's Instant Opportunities And Future Innovations

Sentiment: Hold

CP: US$ 75.55
TP: US$ 90
CAP: US$ 5.5b
Third breakthrough designation for ibrutinib

PCY
C/JNJ received a breakthrough therapeutics designation for ibrutinib as a monotherapy for the treatment of CLL/SLL
patients with the 17p chromosome deletion, a high risk subset that responds well to ibrutinib. PCYC/JNJ is conducting a
111
-
patient study in
CLL patients with the 17p deletion (RESONATE). The designation provides a potential faster to market
regulatory path. This is the third indication to receive this designation; the other two were Waldenstrom's macroglobulinemia
(WM) and relapsed/refractory
mantle cell lymphoma (MCL).

Regulatory update expected at ASCO in June. We anticipate that PCYC will provide more specific guidance regarding
timing of regulatory filings and clinical trial implications of the breakthrough designation at ASCO.

MCL trial
ongoing: The ongoing SPARK trial is in patients that have failed Velcade. We expect this will support a broader
label including both Velcade failures and Velcade naïve patients based on the breakthrough designation.

Catalysts: WM data at 2013 ASCO, potent
ial 17p CLL data (RESONATE) and MCL data likely at 2013 ASH.

Valuation. Our $90 target assumes a launch in MCL in Q3:14, off
-
label use in CLL, and modest value for the Waldenstrom's
opportunity. Our valuation could go higher if the fNHL opportunity is bet
ter defined or if PCYC demonstrates efficacy in
myeloma. Longer treatment duration or substantial penetration of prevalence markets could drive higher estimates

Sentiment: Strong Buy

Roth Capital initiates coverage on Hudson Technologies (NASDAQ: HDSN) with a Buy. PT $7.00.

Sentiment: Buy