Thursday was actually fairly constructive. Decent volume on the dip and somebody bought 40000 or so near the close. We live to fight another day. We need this uptrend to prove that investors are beginning to believe in the prospects, and I like the little spurts of volume.
Our uptrend is under a little stress ($2.26, low $2.19). However today's low is actually filling the gap from the first day of the "uptrend", so an optimist can consider things OK. It's a bit disappointing that an overall market collapse can influence a little drug stock. No collapse yet but Bernanki (stop pumping?), slowing China, and hard down in Japan hint of trouble. Not to mention out of control government.
This company or others could buy PRAN for maybe $400M (current cap is about $90M).
They don't and I wonder why. The answer has to be that PRAN's drug(s) are a long shot in their expert opinions. Meanwhile I hope that Kad's is the correct opinion.
Tuesday now appears to be the 5th day of an UPTREND. I know it's premature but I'm calling it that. Now $2.42 (high $2.45) and a little spurt of volume. It appears (so far) that it only takes a few thousand shares to cause a higher price. See the uptrend starting in August 2012 if you want to get mildly excited.
Excuse me for trying to create (my own) enthusiasm . PRAN has done nearly 40000 shares today above $2.32. Not a big deal of course but a move above that price is the first technical barrier. Also, since last week's dip and rally PRAN ALMOST looks like it is forming an UPTREND! A news-less uptrend is greatly desired.
The USA is PRAN's dominant market (as evidenced by relative volumes). PRAN is hard in a trading range ($2.17 to $2.32 approx.) The Australian dollar has lost 5% in 5 days. Today's Melbourne action was just adjusting. Today's USA action was partly in reaction to Melbourne and partly due to being way into the lower end of the range. Why do I think NOTHING is going on? PRAN did not trade for over an hour today!
So I'm with Kad thinking that eventually PRAN's value becomes evident. Just not today. Not this week.
Very disappointing. I was mistaken about the next technical point being $2.52 because we have not cleared the old trading range with $2.35 or so as the top. So here we are. No new interest. Back to my knitting.
I haven't seen any thing new. I would guess that it's just somebody taking a position but normally that would happen in the US. Yesterday was a bit constructive with 3 month lows met by buying. Anyway...the next technical point is the $2.52 area but I'd settle for a steady move up.
PRAN has had mostly ugly price action in the two years that I've owned it.
(1) Swift spikes on "news" followed by aggressive selling down, some of it by the company.
(2) Long periods of boring consolidation which are impossible to trade in any volume. Bases were built at $1.50, just above $2, and recently near $2.20.
(3) And a good one...a two month uptrend starting in August 2012.
Now we all know that October (or whenever) news will cause PRAN to spike ( or not.) Will that be followed by another aggressive sell down?
To really like this stock technically we need another UP TREND. A trend that clears $3.06 or so Then we have something.
Actually I'll suggest 15% chance for a Friday move up (now $2.25 bid). Today's announcement on success of the secondary SHOULD be good enough to move us higher. And, midday volume is almost decent.
Yes, thanks, Mta. These little bits of positive news don't seem to get much attention. I keep waiting for someone to push the price up. Today has maybe a 5% chance (based on modest volume so far) and we need to surge above about $2.32. I'd push it through there myself but my Mommie says I have enough!
I post this (above) again because I think it answers the frequent question of why PRAN is not higher with all the bits of promising news and the ongoing drug trials. And, despite the enthusiasm by the bulls on this board (I among them) the DRUG(s) have NOT YET been proven. Separately, we should be hearing the results of PRAN's "secondary" any day now.
Sept is pretty early, but my guess is, yes, they will be "in the money". My guess is about a 50% move from here prior to test results. 0.31 to 0.37.
Talk of an 80-90% drop in PRAN shares due to failure of current drug trials is excessive. COMPLETE failure in both trials would give you $1.10 to $1.40 and perhaps $0.70 long term in my opinion. The logic....PRAN has NOT had an extreme runup, PRAN has another drug candidate in the background, PRAN has few large holders, PRAN has remaining cash and an experienced staff.
Wednesday is a decent volume day so far. Somebody is accumulating at $2.20 (orders are added each time some are executed). Too bad the buyer doesn't bid higher. In about two weeks we'll know how the dilution sale went..
My opinion has always been that PRAN should be immune from a general stock market crash. Maybe. Worldwide stock markets are floating on air. Nothing is real any more. The Central Banks determine all (see USA, Japan, Europe). I've been generally bullish because you can't fight the Fed. But I don't like my profits (bonds and stocks). They aren't real and certainly aren't safe. Is today's gold crash a sign of things to come? Maybe. Unemployment, new business killing regulations, new taxes, housing again in a mini-froth, states, cities, and the Federal Government broke. The real economy struggles but we speculators are fat and happy. Sooner or later this will end. Can anyone imagine how the Central Bank is going to get interest rates back to REAL levels? I can't. Bernanke can't. I post just to get people thinking on a dull day.