Actually it's quite the opposite. If a study is successful, top line results generates interest. Think of top line results as an advertisement for attending the conference.
The conference would have strict rules on how much data can be released as top line results (went through this debate on the MNKD board recently). Researchers and especially institutional investors want to see the complete story, so they flock to the conference to get the full data and pose questions to the clinical trial administrators.
Three more form 4's filed. Not bad, one flipped his shares and two exercised and held them. Still looks bullish to me.
U forgot to mention that inhalable basil insulin has been formulated and patented with Technoshpere. I'm not sure if this is the "new process" that the CEO leaked on the last CC. That opens the door to "combo" formulations of inhalable insulin and no need for needles at all.
I just checked their Discovery Fund and Venaxsis was not listed as part of the portfolio as of June 2014. Looks like they took at big hit on EDAP's failure, but I assume they were hedged with options to some degree.
APPY is scary because there are no options to hedge with.
Interesting to see price drop right after options expiration then back up a few days later to be exactly where it was previously. Looks like price manipulation around options expiration to grab covered calls rolled forward for Sept at cheap price. Seems all the action is around the Sept 7.50 calls. If you were daring you could have made 100% profit in a week.
Just a theory, but look at IBB and BBH. Could be the computer algos are following the index. When the indexes started to drop, was a signal to capture day-trading profits.
I wish NBS would release AMR-001 results soon and do a secondary offering. This assumes the results are good. My fear is that they tempt fate by waiting too long. If history is any guide, they need to do it soon. From today's Northern Trust article, it appears NBS is headed right into the eye of the storm, releasing result just as the market is at risk of cratering due to the end of QE3, then possibly doing a secondary before the market has a chance to recover:
From the NT article:
...stocks generated positive returns in four of the five tightening cycles between 1986 and 2004 – with the exception being the 1988 cycle. The Black Monday crash of October 19, 1987, where global stocks swooned (the Dow Jones fell by 23% in a day), is included in this cycle as it occurred within six months of the first rate hike. Six months after the crash, the Fed started an aggressive rate cycle by raising the fed funds rate by 3.25% over the course of 12 months. More consistent with the other cycles, from this point forward the stock market generated a 32% return during this tightening period, as a 41% annualized earnings growth rate helped offset some contraction in price/earnings multiples.
Risk assets have typically fared well in the 12 months that straddle the first hike in a period of policy tightening. Historically, the stock market has had some level of correction in the first couple of months after the first rate hike, but resumed its upward trajectory as investors aren’t yet concerned that the Fed could go too far and push the economy into recession.
Perhaps there is an advantage to exercising for tax purposes. It depends on what type of options were awarded since they're not all treated equally for tax purposes.
It is bullish. Otherwise he would have flipped them. Most employees (including me when I've been awarded them in the past) flip their shares when the price is attractive or we move to another job.
Given he still has 19K shares in one of those options, I'm expecting he will flip them before the end of month..
He exercised them. So he bought the shares at the $1.25 options strike price.
The options were about to expire 8/30/2014.
Correct me if I'm wrong, but that's what I'm seeing. 280,168 shares acquired at 1.25. Disposed of options with code "M". Code M means options were exercised. Two options grants were hit to exercise shares with 19K shares left on the table in one of the options.
Unless I'm misinterpreting it, looks like Mulroy exercised options to acquire 280,168 shares at 1.25 from today's form 4.
NYSE you're not alone in your frustration with management.
At least IMHO the FDA wants to approve APPY1... to the point where the FDA is doing some serious hand-holding to show Venaxsis how to prepare the submission so the FDA can approve APPY1.
I saw this happen with DSCO and mgmt. became confrontation with the FDA.. .hence about five submissions before approval. It appears Venaxsis is more than happy to graciously accept all the help they can get from the FDA to see APPY1 approved.
Novartis' on-again, off-again deal to buy out Israeli stem cell therapy developer Gamida Cell is reportedly back on again.