is waiting for the inflection point
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That is backwards. You are not supposed to make changes to these trading plans while in possession of MNPI.
This was simply a scheduled trade, nothing more, nothing less. Great timing though.
Her trading plan was establishedon August 23, 2017. CTSO closed at $4.85 that day.
They cannot be in the vicinity MNPI when the plan is established. The whole point of these planned sales is to avoid suspicion of insider trading.
The original success fee is still in effect for the original loan, so that is ~$600K after trading over $8.00 for 5 concurrent days. The new success fee is just for the additional 5M, if they draw that extra 5M. That fee hits at 5 trading days over the greater of $11.98 or %26.13 percent over the trading price on the day they draw the 5M. So that is an incentive to not take that extra 5M until the stock is trading higher. For example, if it is trading at $12 when they take the last 5M the success trigger would be at $15.14 instead of 11.98. If they are trading at those levels, the fee of ~$315k is probably pretty insignificant.
(i) 70% or more over $7.05, the closing price of the Company’s common stock on March 29, 2018 (after giving effect to any stock splits or consolidations effected after the date thereof) for five successive business days, or (ii) at least 26.13% more than the closing price of the Company’s common stock on the date of the funding of the Term B Loan
If you read the form 4 you will see that her sale was part of a previously established trading plan.
"1. The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 23, 2017"
Under Rule 10b5-1, directors and other major insiders in the company – large shareholders, officers and others who are able to access material nonpublic information (MNPI) – are able to establish a written plan that details when they will be able to buy or sell shares at a predetermined time on a scheduled basis. It is established this way so that the insiders have the ability to buy or sell shares when they are not in the vicinity of MNPI. This also allows companies to utilize 10b5-1 plans in large stock buybacks.
Relax dude. It was a joke. I am averaged in the mid 4's myself.
CTSO has not risen.
Gotta love the standard "larger prospective
studies are required to evaluate the exact advantage". How long do you think it might take to fully enroll a damn Cytosorb snake bite study? 40-50 years?
So did Pearsby finally leave this mortal coil? He is closing in on 80. Maybe just focused on a new alias?
Thanks. I was working while listening to the call, so it did not have my full attention and I have not had a chance to listen to the recording since.
Yes. That was the first time I ever heard him stray from the "selling the fruit instead of the tree" mentality.
And the $8 counter resets on above average volume. At least if the ATM sales are feeding into it they are generating funds for REFRESH 2. Also gotta fund that upcoming Hemodefend study somehow. I would prefer study partners over dilution, but 33-36 million outstanding shares is really not much compared to potential sales from successful FDA phase 3 studies.
Let's see if it holds over 8 for 5 days. I wonder if it is a direct result of the presentation yesterday? There really has not been a correlation with increased volume and price from these investor presentations in the past.
Just my opinion, but I think the success fee trigger and price stalling just below 8 is not a coincidence. The company sold over $3,000,000 dollars worth of shares so far in the first quarter using the $25,000,000 shelf registration and the Cantor Fitzgerald ATM deal, at an average price of 7.91. There were a few very high volume days so far in this quarter. The success fee is triggered by 5 consecutive trading days above $8. Wounln't it be better to let the price rise up on those high volume days so that they could then sell at a higher level causing less dilution? That is, unless, they were purposely trying to delay the success fee. This stock is easily manipulated on low volume. It would not look good to have to pay the success fee, even if it was in shares, only to have it dip back to the mid-7's or lower a week or even a day or two later.
Bridge Bank success fee.
Correct. But there were a few that considered the success fee at 8.00 insignificant. My feeling was that they want to avoid it until there are significant enough events to ensure that once it is above 8.00 it stays above 8.00. It would not look good to have to pay the fee only to have the share price drop back into the 7's a few days or weeks later.
Yet nobody believed me when I suggested that the company may be selling the Cantor ATM shares to keep the price under $8.00.
This additional 3.57 million is not included in the 17.3 million stated for year end.
Product revenue 4.3 million. Top of their earlier estimate range.
Gross margins now 71%
HemoDefend trial to start within next 12 months with 2020 targeted approval.
Damn, how did you stumble on that info?
Crypto PlusOneCoin. Is anyone using this this or has anyone seen it being actively used on any other boards in IHub?
The FDA doesn't work that way. In my opinion a moribund patient with no other treatment options should have easier access to "experimental" treatments. Especially ones already approved for use in a large part of the world outside on the US.
If the 2017 earning call is supposed to be this week isn't it getting kind of late to PR it? Did I miss it?
Look for the pr announcing the date and time of the presentation. It will have a link to where you could go see the presentation live. The presentation was recorded and archived at that same link.
Yes, they have that patent, but I don't think that is even listed as a pipeline product for them at this point. The rest of the article with the 20 billion dollar number and mention of sepsis and cardiac surgery are obviously about the Cytosorb extracorporeal adsorber. Extracorporeal = outside the body.
It is definitely wrong. But the bulk of the details in the article about its potential are correct. A couple months ago someone posted a blind article, where the company name wasn't mentioned, but the details flowed just like in this article.
Some on this board said my thoughts on the success fee at $8.00 being a factor in the trading level were unfounded. It sounds like this guy may agree with my sentiment, however. I still think the company wants to keep the price below $8.00 until there are significant sales, events, etc. to blow through that level.
It is an 80 million dollar publishing company. Not sure that I would call that big.
Interesting. This Banyan Hill company is based in Delray Beach. Just a 30-minute drive from where Pearsby lives.
Early volume. Wonder what's up?
Any thoughts on that big drop at the end of regular trading only to bounce back after hours?
I think I have some 6 cent shares in my long position, but built up that position over a number a years. My cost basis on my long shares is around 4.34. My trading shares at the moment are averaged in at 4.67. None of this factors in any profit from selling and buying calls.
I'll admit that I did get screwed by not selling a bunch of calls I bought prior to nasty sales team reorganization news. Could have made about 300 percent on them if I sold before the news. Got greedy and lost.
The roller coaster ride continues... I doubt there is going to be any earth shattering news in the 10K or earnings call. But then again, good news doesn't seem to move this stock up anyway. It's like the only people who have the CTSO on their radar are already in. Didn't someone say there was supposed to be some CAR T-cell news early in the year? CAR T-cell therapy surely is on the radar of a wider group of investors, so a link to it might actually do something to the share price. Who knows.
A roller coaster ride and a $7.49 close on 2/16, but it did run up at the end of the day.
Well, looks like my estimate from a month ago is going to be pretty damn close.
If you read DR. Chan's statements about the EAP denial you will see that when they do decide to do a US sepsis trial it will be granted fast track status just because there is an unmet medical need for an effective sepsis treatment.
I think if enough EU IIT data and Registry data is acquired they should resubmit for EAP.
I closed out my covered calls for 0.05 last week.
Bouncing back nicely this week. Those Feb 7.50 calls might just end up in the money.