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Convertible at $1.20 per share, no?
-Fritz
What's really exciting about this is that it is specific to FY08.
We are always pretty happy with te company's prospects in general but that language narrows it down considerably!
Good luck!
Fritz
From the recent filing:
See the bold print (highlighted by me.) Man, do you love that language or what?!?!
----------------------------------------------------------------
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Approval of 2008 Senior Executive Incentive Structure
On April 16, 2008, the Compensation Committee of Halozyme Therapeutics, Inc.
(the "Company"), as previously authorized by the Company's Board of Directors,
finalized cash and equity incentive policies (the "2008 Incentive Structure")
applicable to the Company's executive officers for 2008. The material terms of
the 2008 Incentive Structure are summarized as follows:
Senior Executive Incentive Structure
The 2008 Incentive Structure is comprised of potential cash and equity awards
for the Company's senior executive officers subject to the accomplishment of
certain individual and Company goals in 2008.
The aggregate amount of cash awards for senior executive officers will be
determined by the amount that the Company's stock appreciates during the course
of 2008. If the Company's stock does not appreciate during 2008, there will be
no cash award pool for senior executive officers. If the Company's stock does
appreciate during 2008, the size of the cash pool will equal a percentage of the
overall increase to market capitalization (as adjusted to remove the impact of
any shares issued during the course of 2008). The applicable percentage will not
be a flat percentage, but will instead represent one-one hundredth of the
year-over-year increase to the adjusted market capitalization with a maximum
applicable percentage of 2% (based on increases to market capitalization of 200%
or greater). For example, a 10% increase in adjusted market capitalization will
result in a cash award pool of approximately $50,000 while a 40% increase in
adjusted market capitalization will result in a cash award pool of roughly
$850,000. Once the size of the cash pool is established, the Company's Chief
Executive Officer will make a recommendation to the Compensation Committee on
the allocation of the pool among the senior executive officers eligible to
participate in the pool. The Compensation Committee will ultimately make a
recommendation to the full Board of Directors on the amount of senior executive
cash awards, and the Board of Directors will have the flexibility of approving
an aggregate amount of cash awards that is higher or lower than the aggregate
amount determined pursuant to the calculation described above.
Maximum equity awards were also established for each executive officer
(amounts for selected members of senior management are set forth in the table
below), and the actual amount to be awarded will be based upon the
accomplishment of individual performance criteria during 2008. The individual
performance criteria for specific members of senior management varies from
position to position. If a member of senior management does not meet all
individual performance criteria, that person will still be eligible to receive a
portion of their maximum equity award; provided, however, that at least 75% of
that person's performance criteria must be met in order to receive an equity
award.
Maximum
Stock Option Grant
Jonathan E. Lim (President and Chief Executive Officer) 150,000
David A. Ramsay (Chief Financial Officer) 40,000
Robert Little (Vice President - Chief Commercial Officer) 40,000
Richard Yocum (Vice President - Clinical Development) 40,000
Gregory I. Frost (Chief Scientific Officer) 40,000
William Fallon (Vice President - Manufacturing and Operations) 40,000
Matthew Hooper (Vice President - General Counsel) 40,000
As with cash awards, the Board of Directors will have the flexibility of
approving equity awards that are higher or lower than the amounts determined
pursuant to the formula described above.
Adoption of Change in Control Policy
Last, in addition to finalizing the 2008 Incentive Structure, the Board has
also adopted a Change in Control Policy applicable to senior executive officers.
This policy provides for cash payments, continued healthcare coverage and
accelerated vesting of subsequently granted equity awards for any senior
executive officer who is terminated for a reason other than cause within twelve
months of a change in control transaction. The cash payments, to be made in a
lump sum payment, will equal a multiple of the senior executive's then-current
base salary (twice the salary of the Company's Chief Executive Officer and one
and a half times the salary of all
other senior executives). The Company will also pay for continued healthcare coverage post-termination for a period of eighteen months for the Chief Executive Officer and twelve months for all other senior executives. Last, equity awards granted to senior executives following the adoption of the policy will provide for the full acceleration of any unvested component of such award in the event that the senior executive is terminated without cause within twelve months of a change in control transaction. The Change of Control Policy also provides that the gross amount payable to a senior executive officer under the policy may be reduced in the event that such reduction will result in a greater net payment (after taking into account the effect of tax laws applicable to such change in control payments) to the senior executive officer. Going forward, the Company will enter into agreements with each senior executive officer that document the specific terms of the Change in Control Policy applicable to such officer.
I've noted with some curiosity the fact that R. Kirk has not taken advantage of the recent pullback to finish rounding off his position despite his stated purpose to do so. This meant, to me at least, that more news was coming which he deemed to be material inside info, thus restricting him from making his last rounds of purchases. Perhaps, with the recent PRs now public, we'll see him re-enter the market as early as Wednesday?
-Fritz
A string of positive PRs and another down day. Any further proof that the shorts are in command of this stock?
We have more down days to come, I'm afraid. I'll get back in when the price gets totally ridiculous.
Good luck!
-Fritz
Hew: Just wondering if you've gotten back in at this pullback?
Good luck in any event!
-Fritz
Yes, the d/g hurt for sure. The short interest followed on like a pack of hyenas. It's over 15% of the float last time I checked. That's what's driving the price down more than the d/g IMHO. I got out right after learning of the downgrade because I knew the shorts would smell blood. I've learned the hard way not to get in their way. I think the analyst called for a target price of $4.50. The shorts are not gonna stop there, though! With such a high level of short interest they are in control now so I'm not going to re-enter until this baby has really cratered.
Good luck!
-Fritz
Thanks, Siri, The Centers for Medicare & Medicaid Services' (CMS) J-Codes are an important part of mainstreaming hylenex into the daily use patterns of treatment providers. Glad to see it's been established and promulgated for hylenex.
Good luck!
-Fritz
Shorts:
Fritz, ...<snip>... Have you checked short interest out today? About 1.2 million new shares short under $7 this year until 3-11-08.
Good Luck,Rod
More fuel to the fire!
Good luck!
-Fritz
(slightly O/T) Interesting, Rod, this chart maintains the format I selected. I'll see if I can duplicate this again today A/H and if so I'll experiment with getting it into the ibox.
-Fritz
Chart
Something's gotta give.
Accumulation/Dist shows steady accumulation, but if we close below
$.045 support then be ready to scoop up some cheapo shares in the threes, IMHO. Patience is key here. I believe that the MM's are walking this down to force a capitulation by weak hands and allow some big money holders to build a large position. Watch it hit the threes and then bounce on huge volume. I saw this happen with DPDW just recently and then the price doubled. Stay tuned!
Good luck!
-Fritz
Chart says stalemate.
No real movement on the pps until the other shoe drops and Mr. Kirk
picks up his remaining shares.
Any day now...
ARUN chart
Another big volume day!
Somebody knows something! (IMHO)
Good luck!
-Fritz
HALO chart
Careful, Sux, your agenda is showing.
-Fritz
I was re-reading the recent conf. call and was struck by the CEO's comment that their only real competition is CSCO!
I love it that they are trying and succeeding in stealing the lunch from a $150 Billion company!
-Fritz
ARUN breaking out after lengthy consolidation. Stock took a hit when management stumbled and delayed getting some anticipated federal contracts. But unlike FRPT (ugh!) ARNU is not beholden to one customer. They enjoy a worldwide customer base. In fact today (3-26-08) there was an announcement about a deal with DELL. Moreover, ARUN held up extremely well over the last month when there was blood in the streets. Now breaking out IMHO.
In March 2007, the Company completed its initial public offering, or IPO, at a price of $11.00 per share. Tons of cash on hand. No debt. Gross profit margins are over 60%!!
Good luck!
-Fritz
BreakoutInvestments: you're welcome and best of luck to you.
The HALO board here at ihub has a small but extremely knowledgeable cadre of investors, should anyone have any questions feel free to drop by.
-Fritz
No pull back today and that is VERY encouraging. R. Kirk has about 1,780,000 shares to go before he maxes out at 20% of the OS. He'll be jumping back in the pool any day now, getting us up to near the 200 dma IMHO. Chart is excellent with the RSI in a sweet spot and MACD showing no signs of flagging. Stock has closed three days in a row above the upper bollinger band! I believe there will be no substantial pullback until it is clear that insiders are through buying. After that he stock will take a rest and consolidate, (barring further news developments, of course!). Speaking of news, it is most beneficial to have this current run take us up to a higher plateau at this point in time. This will be a much better jumping off point when pipeline new comes our way!
Good luck!
-Fritz
HALO chart. Massive accumulation by insiders going on now.
$100 million cash on hand. No debt. Great pipeline.
Pennies: thanks as always!
Good luck!
-Fritz
Chart request: HALO
strong volume.insiders buying.
See the HALO ihub board for background info and links to the recent form 4's filed by insiders. I'd be interested in the TA point of view on this after last week's strong moves.
Thanks!
-Fritz
Link to the recent form 4s:
http://phx.corporate-ir.net/phoenix.zhtml?c=175436&p=irol-sec
Here you can see that other insiders are buying along with R. Kirk.
A beautiful thing, indeed!
Mr. Kirk bought 1,094,196 shares as of the 19th. This figure does not include thursday's (3-20-08) action. He likely added close to a million more today. With slightly less than 2 million more to go until his shopping spree ends I think we will easily hit the 200 day MA next week, putting us back near $8.00.
Chart is stellar. all indicators are pointing north. Crashed through the upper bollinger band today. This is going to be irresistable to the momo players next week, like spilling honey on your picnic blanket. Momo ants will be marching in droves! Oh, yes, don't forget our friends the shorts. I think they may be at the party also, but they won't be having as much fun as the rest of us. LOL!
Here is a chart to make you sleep well this long weekend.
Good luck!
-Fritz
Rod and Board:
Three million shares (in round numbers) were bought up in the last two days. I'm not sure, but I don't believe this is all attributable to the index rebalancing. If memory serves, we went through this once before when HALO upliststed and I don't recall the PPS getting much of a pop out of that circumstance despite the fact that many index funds had to purchase HALO. My one dollar bet is placed on R. Kirk entering the market. The fetters are off of him now that we have full disclosure of the pipeline; he no longer has need to worry about insider trading issues. I believe that this is what he has been waiting for. We should see a filing in a couple of days, IMHO.
This is not to say that the new inclusion into these HealthShares(TM) Indices plays no role. It may be a happy coincidence occurring alongside Kirk's determination to round out his position, thus making them compete for the same shares. Add to this the strong possibility that shorts were caught off guard and we may have a substantial rally as I mentioned in my post this morning. I love it that all this is happening just a few days after the Roth and Brean Murray downgrades! I can't wait to see how quickly they have to eat crow and issue an upgrade! LOL!
I give absolutely no weight to any so-called buyout "rumors".
As for the chart: Normally I would agree with Hew in that I would expect a pause or pullback even as early as tomorrow. But that depends upon the needs and intentions of Kirk, HealthShares(TM) Indexes and chasing shorts. Mix in some momo players who are going to pick this up in their scans tonight and I believe that the 200 day moving average is easily attainable. This would put us in the high 7's before a pullback and consolidation. Of course, news trumps all. "Stay tuned"!
Good luck!
-Fritz
Two observations.
First: I have only a rudimentary knowledge of TA but I'm going to go out on a limb and state that the chart is starting to look mighty appealing to those that live and breath that type of trading.
Second: The price move and healthy volume over the last few days must have most of us scratching our heads. These two big green candles are, after all, right on the heals of prominently PR'd downgrades. The move, though, is also post conference call and this is the key to my point. Therefore my second observation is this: I believe all of these circumstances add up and provide evidence that R. Kirk is back to finish his goal of rounding out his share purchases of HALO
as authorized in the recent changes to the company by-laws.
Conclusion: This price move has legs. Combine an attractive chart to entice TA buyers with Kirk looking to get several millions more shares and add probable short covering chasing the price as it approaches $6 and we could see a nice multi day run. Price is hovering at $5.50 as I type this. We've broken through the 30 day moving average. Next resistance is $5.64 which is the last green day and is also going to be just about equal to the 50 dma. If we close above that in a day or so next stop is $6.00. As Lim likes to say "stay tuned".
Opinions pro and con are welcome!
Good luck!
-Fritz
Z-Nose: Buyers of large blocks of shares often manage to do so without pushing the share price up. They work through market makers who accumulate shares for them over time and then make the transaction public after the fact. This is why you often hear the expression "volume precedes price".
On the other hand, while we don't have a price surge now, perhaps one will be coming in the near future. Stay tuned!
-Fritz
Hew: got it, thanks. I originally missed the "update" portion of your post. I continue to appreciate you sharing your thoughts.
-Good luck!
-Fritz
Nice call, HEW. Are you following through and adding now as per your comments?
Good luck!
-Fritz
On that we can agree. They certainly have made out well.
-Fritz
Do you have a link for that, Sux?
-Fritz
Siri, that NURO chart gives me a nose bleed when I look at it. LOL! HALO's chart is relatively benign by comparison. Just an example of the medicare issue. Like oxygen, you don't notice it until it's gone.
-Fritz
Rod, Thanks for putting that ibox together. Very handy.
I, too felt that the CC was full of exciting stuff. We've got goalposts to look forward to both near and long term. That last analyst though, was a real wet blanket. The implications of his questions were that management's strategic plan was nothing to be excited about. Unfortunately, Lim and Co., in typical techno-science geek fashion, missed the social cues of this conversation and failed to slap him down. The result was that the CC ended with a whimper rather than on a note of progress and optimism, hence the corresponding drop in the pps. Good times ahead, though, IMHO.
-Fritz
Siri:
look at a one year chart of NURO for an example of the consequences after Texas medicare decided its neurology tests were NOT reimbursable.
-Fritz
So the first program is one that we are publicly disclosing for the first time on this call. We have initiated and nearly completed an ongoing clinical trial in a therapeutic area that represents a multi-billion dollar market. This Phase I prospective randomized trial is designed to assess the safety, tolerability, pharmacokinetics and pharmacodynamics of two different marketed therapeutic recombinant proteins when subcutaneously co-injected with and without PH20.
It is anticipated that based on the existing pre-clinical study data with three different molecules co-injected with PH20 in more than one animal species, as well as based on several completed clinical trials of therapeutic agents that have been co-injected with PH20, which we've reported previously with morphine and Humira for instance. We believe that PH20 will favorably alter the absorption parameters of these proteins. Now what does this mean?
Well, if the co-injection is well tolerated, and the anticipated alteration in PK and PD is observed, the existing body of clinical knowledge for this particular therapeutic area suggests that the proposed combination product including PH20 may provide a therapeutic strategy that would result in meaningful clinical benefit for patients. The commercial implications are that, we could potentially develop a best-in-class therapeutic within an existing multi-billion dollar market.
Anyone care to speculate just what the "two different marketed therapeutic recombinant proteins" are?
Link to transcript of today's CC:
http://seekingalpha.com/article/68609-halozyme-therapeutics-q4-2007-earnings-call-transcript?source=yahoo&page=2
Who was that last questioner? I didn't get his name and organisation.
-Fritz
Thanks! Interesting...
What's the hot board?
-Fritz
That little 117 buy @.69 was like a shot of steroids for my portfolio! LOL! A little goes a long way.
-Fritz
That's Mary Ann, not Ginger. I always suspected Mary Ann was the real party girl. The professor was no fool.
-Fritz