is.......................Broke and can't be fixed.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
DEPO
From May
Depomed: A Compelling Value Proposition
What if you could improve existing generic drugs risk/benefit profile? What if there are unmet medical needs in the areas you are targeting? What if you are doing that and have a perfect balance sheet and a skilled management team? what if you are doing this and your stock is undervalued?
Depomed (NASDAQ: DEPO) is a drug delivery company based in Menlo Park, CA that improves the bio-availability of generic drugs by using polymers usually used in the food and cosmetic industry to improve the side effect profile and reduce dosing of oral medications. Once the drug using Depomed's Acuform Technology is swallowed, it enlarges and becomes a gel-like substance that prevents it from passing through the stomach too quickly.
An example of Depomed's Acuform Technology being used in the real world is Glumetza®. Glumetza is generic metformin with Depomed's unique and not obvious drug delivery technology that improves the tolerability and adherence of patients that are starting diabetes treatment. Glumetza has grown to become the number one branded generic metformin drug with a continued slope towards further penetration.
When talking about taking generic drugs and adding a drug delivery technology, the most significant risk is patent protection. Instead of talking about patent expiration dates in the distant future, lets talk about prior challenges to Depomed's intellectual property. In January of 2006, IVAX (later acquired by large generic company Teva Pharmaceutical Industries, Ltd (ADR) (NASDAQ: TEVA), tried to introduce a generic Glumetza product. In April of 2008, the challenge would become another Depomed victory as Teva settled to make a one time payment of $7.5 million to Depomed, while Teva would also pay up to $2.5 million in royalties, and both companies would go their seperate ways with their own metformin products. Depomed has had other patent challenge victories, including Biovail Corporation of Canada (NYSE: BVF). The company is now in the beginning stages of a 30 month stay against one patent challenge from a small company from India.
The company's best asset is it's PHN product that is in the process of approval with a possible PDUFA date in Q1, 2011. This market has over 35 million annual prescriptions. Depomed's product is taken once a day versus 2 to 4 times a day for the competition. While comparing side effect profiles from different trials is not considered statistically prudent, the improvement in the side effect profile from Depomed's product is so significant, that it deserves to be mentioned. Daytime sleepiness was 4.5% with a once a day pill in Depomed's Phase III trial versus the competitions range of 15-24%. The product is partnered with Abbott Laboratories (NYSE: ABT) in the U.S. and has yet to be partnered worldwide. Abbott could pay up to $60 million upon a U.S. approval. For those of you that are familiar with recent gabapentin/drug delivery concerns from the FDA (e.g. Xenoport (NASDAQ: XNPT), Depomed will be referencing Pfizer's 2002 toxicology package and generic gabapentin has 20 years of real world experience.
The value proposition going forward as a stock investor is the patent protection (e.g. not obviousness and real world settlements in Depomed's favor), a market capitalization of $200 million, net cash of more than $50 million, a pending NDA for a PHN product that is partnered with Abbott Labs and entering a multi-billion dollar market, cash generated from a world-wide partner for that same gabapentin product, and a phase III product that is aiming to become the first FDA approved product for hot flashes. The company has said they intend to be profitable in 2011 and there isn't any reason for me to doubt that assessment at the time that this article was written.
Disclosure: I own this stock in my personal account and it is a top holding in my Marketocracy account.
About the Author: Jack Weyland is a member of Marketocracy, Inc. and has outperformed the S&P 500 by 145% over the past 5 years.
* Oppenheimer loses claim against Citi over 9 advisers
* FINRA orders Oppenheimer to pay nearly $100,000 in fees
* Arbitration took almost eight years to complete
(Adds statement from Oppenheimer)
By Helen Kearney
NEW YORK, Jan 5 (Reuters) - After almost eight years, Oppenheimer & Co has lost its battle to force Citigroup Inc <C.N> to pay over $18 million for luring away nine of its top financial advisers.
A Financial Industry Regulatory Authority panel rejected claims from Oppenheimer that Citigroup conducted an unlawful "raid" on its brokerage business shortly after it was sold to New York-based Fahnestock Viner Holdings Inc in 2003.
The panel also ordered Oppenheimer to pay almost $100,000 in arbitration fees accumulated since the firm first filed its complaint in April 2003, according to the decision posted on FINRA's website on Wednesday.
The claim stems from Canadian Imperial Bank of Commerce's <CM.TO> sale of its Oppenheimer brokerage business to Fahnestock in 2003. Fahnestock subsequently changed its name to Oppenheimer Holdings Inc <OPY.N>.
Shortly after the sale, nine financial advisers at Oppenheimer's Los Angeles office left to join Citigroup's Smith Barney brokerage unit.
At the time, the advisers represented nearly 30 percent of the overall fees and commissions generated by Oppenheimer's brokerage business, according to the ruling.
Oppenheimer claimed Citigroup used Jeffrey Bischoff, an internal recruiter who previously worked at Oppenheimer, to target his former colleagues. He offered them higher than average recruitment deals in a bid to harm Oppenheimer's business, the firm claimed.
Oppenheimer accused Citi of, among other things, raiding and predatory practices, unfair competition and misappropriation of confidential information. It was seeking monetary damages of over $18 million, according to the ruling.
"I'm amazed this took so long," Bischoff told Reuters. "The Fahnestock purchase of Oppenheimer was unsettling to many top advisers at Oppenheimer ... and a lot of people went to a lot of different places."
A Citigroup spokesman said the company was pleased with the panel's decision Citi's actions were appropriate.
An Oppenheimer spokesman said the firm was disappointed by the decision.
"We still believe that our firm was harmed by the actions of Citigroup," he said. "We believe the arbitrators either ignored or disregarded important ... evidence and testimony."
(Reporting by Helen Kearney; editing by Dave Zimmerman and Andre Grenon) ((helen.kearney@thomsonreuters; +1 646 223 6124; Reuters Messaging: helen.kearney.reuters.com@reuters.net)) Keywords: CITIGROUP/FINRA
C is closing in on $5. If it can break that resistance it should be a mover in early 2011.
Opening line from a newspaper article.
"A Yatesville man faces several charges after he allegedly was found to be in possession of heroin, drug paraphernalia and lobsters."
Another article same newspaper:
"A man was sentenced Tuesday to nine to 23 months in state prison on charges he stole several items in the area, including nearly $14,000 worth of beef jerky."
Maybe they should partner up on a restaurant.
A confirmed rumor has a name.......
NEWS!!! :)
HOD @ $4.94
I certainly do not expect "big bad news". Also, not "big good news" either. It just seems to me that in lowering debt and high risk assets it would be difficult to make substantial profits. Long term I am very bullish.
I got in C two weeks ago. I just kept reading articles that were mentioning stocks to own in 2011 and it seems Citi was always listed.
Huge resistance trying to get to $5. Buy back would be a great catalyst here.
Current catalyst is earning due the 18th, the day after BAC announces earnings.
The news just keeps getting funnier. These two thiefs need to get together and open a restaurant.
"A man was sentenced Tuesday to nine to 23 months in state prison on charges he stole several items in the area, including nearly $14,000 worth of beef jerky."
"A Yatesville man faces several charges after he allegedly was found to be in possession of heroin, drug paraphernalia and lobsters."
Good luck in your fight against Visteon for the blatent violations of bankruptcy law. I have given up and moved on because I had none of the time, money to spend or money invested to justify keeping on fighting.
The effort needed to fight a multi-billion dollar corporation is extreme and to have to go through the court system that not only allowed the violations but applauded and protected them is more of a battle.
This was never about the viability of Visteon, wasn't even about the profitability of Visteon. This was a hijacking plain and simple. Those with the power and no ownership took the company from those with the ownership and no power. It is the American way!
XOMA trading @ $6 when resumed. But it doesn't look like it is going to run through the roof. It opened up and I think the street is trying to truely evaluate the deal.
$ 35 Mil up front, half is a loan.
"DEPO HOD $6.45
Maybe the dip was for a reason?
Anyway, happy monday?"
My original post lacked some communication skills. Maybe this will clearify what I meant.
I believe few things happen in the market by chance. When there is something like a dip which is immediately followed by a run to a new HOD it smells of market manipulation.
So in this case I would not be surprised if the mm's took this down to see how low they can go for a couple of reasons.
1. Buy shares for accumulation to sell at a higher price.
2. Find out how low they can take the price for future reference. Perhaps to learn where the flipping points are.
One thing I am positive of, (not necessarily just a stock market thing) is when something looks strange, or looks like a bad decision, if you follow the money involved and who makes the decisions then it seems to make sense.
DEPO HOD $6.45
Maybe the dip was for a reason?
Anyway, happy monday?
$4.80 PM
Citi Completes Sale of Subsidiary The Student Loan Corporation 8:01 AM ET 1/3/11 | BusinessWire
RELATED QUOTES
4:00 PM ET 12/31/10
Symbol Last % Chg
C 4.73 0.00%
DFS 18.53 0.00%
Quotes delayed at least 15 minutes
Citi today announced that on December 31, 2010, it had completed transactions with Discover Financial Services ("Discover") and SLM Corporation ("Sallie Mae") that resulted in the divestiture of its student loan business, The Student Loan Corporation ("SLC").
The sales reduce non-core assets in Citi Holdings by approximately $31 billion and combined with other divestitures in the quarter are expected to bring Citi Holdings assets to less than 20 percent of Citi's total balance sheet as of the end of the fourth quarter 2010. Citi Holdings will continue to pursue economically rational divestiture opportunities that are in the best interest of shareholders.
As part of the transactions, Citibank, N.A. purchased approximately $8.7 billion of assets from SLC and will explore opportunities to reduce these assets over time.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
Certain statements in this release, including without limitation the anticipated assets of Citi Holdings by year end, are "forward-looking statements" within the meaning of the rules and regulations of the SEC. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, including without limitation the final analysis of the financial and accounting impact of the completion of the transactions described above on Citi. For additional information on this factor and the other factors that may affect Citi's future results, see Citi's filings with the SEC, including without limitation the "Risk Factors" section of Citi's 2009 Form 10-K, available on www.sec.gov or www.citigroup.com. Precautionary statements included in such filings should be read in conjunction with this release.
SOURCE: Citi
I'm sorry but I read this in a news article this morning and had to share it with the board. Even though it does not exactly fit.
"A Yatesville man faces several charges after he allegedly was found to be in possession of heroin, drug paraphernalia and lobsters."
I am not that optimistic about earnings. It would seem to me that C did everything they could to get the government paid while also removing as much high risk debt as possible.
These two factors would hint of a lower than expected earnings report. The street's estimates seem a bit high.
DEPO
I doubled my position @ $6.38
Initial purchase @5.40 in november.
And in binary it would be $0.101000
"Yes I will. I will jump in at $4.80 and sell at $5.20 all for a gain of $0.60 per share today. "
Another mathematical whiz playing the market!
"you sound like a wise man, I'm new year, but you seem to be in the know. I've bought quite a few shares, I believe this is definitely going north "
So now we know what father time does between January 1s.
Here's some proof. That's the big deal, Citi has the government out early.
http://www.cnbc.com/id/40831785
http://www.fool.com/investing/general/2010/12/08/citigroup-gets-the-government-out-of-its-hair.aspx
I'm always leary when someone says "We are not required" as opposed to "We Will Not". Before AVNR's last approval they told everyone they didn't "need" to raise capital, then approval then 22 million shares hit the market.
As far as I am concerned, dilution is always an issue when it is sitting there. Especially with the bio's that are not generating profits yet. And as the CFO is so proud that it took them until a month before that quote to finish diluting that ATM, I'm not so thrilled about a company that just recently diluted and is close to diluting again, or is diluting again.
Has this been announced, or is it just RBC "believes" the shares were sold.
I think that an announcement would drive the pps down, whether or not it is good for the company in the long run. XOMA has a deserved reputation for diluting its shares.
You are correct, Sir!
great post.
I four one ain't got no co munikatin problems. If y'all can't under stan me mite be u is a dum arse.
Citigroup to Exceed New Rules, Shrink Bad Assets:
Citigroup is on track to exceed expected regulatory requirements and shrink its worst assets to less than 20 percent of its balance sheet, Chief Executive Vikram Pandit told employees in an end-of-year internal memo on Monday.
AP
Citi CEO Vikram Pandit, who joined the company in 2007, has not been paid a bonus since the start of the financial crisis.
--------------------------------------------------------------------------------
The U.S. Treasury earlier this month sold its remaining shares in the Citigroup, ending a long and difficult chapter for the bank after it received $45 billion in three government bailouts during the financial crisis.
Like other U.S. banks, Citi—which returned to profitability this year—is also trying to grapple with new rules put in place to try and prevent a repeat of the crisis.
"We believe we are poised to meet and exceed anticipated regulatory requirements," Pandit wrote in the memo.
"The past three years have been challenging, but I believe we now have in place all the elements for sustained profitability and responsible growth," he later added.
The bank, which struggled amid mounting losses on credit cards and mortgages, has been selling some of its assets from its Citi Holdings unit. Citi last month sold a $1.4 billion real estate loan portfolio to OneWest bank, helping it shrink Citi Holdings to less than 20 percent of Citi's total balance sheet.
Citi [C 4.78 0.01 (+0.21%) ] shares, which closed at $4.78 in regular Tuesday trade, were unchanged in extended trading.
The shares have climbed 44 percent since the start of the year.
"I would not want him to invest into this stock because he will probably loss money.
I wonder how much the poster loosed?"
Maybe we should wonder how much the poster LOSSED!
Trust your DD, and your head, not your heart. Plus do not overlook this part
"combine it with buying at a good chart position"
It makes a huge difference when you buy in and sell with the help of the charts. You don't have to study them all the time, but look for recent channels, bollinger bands, and RSI. You can gain alot by these, plus it helps you not chase a stock.
If it weren't momo players explain the 55 million shares traded in three days. That's not buy and hold. That's buy and sell and buy and sell and buy. Over 2 1/2 trades for each share.
JMO
It is amazing.
50 million shares in three days and the float is 21 million. Where are all the shares coming from? Each share would have had to be traded two and a half times on average for this to occur. I'm lost.
What in the world are they shorting, this has flipped the entire float twice in less than three days.
XOMA
$5.90 to $6.60 in three minutes.
Someone much smarter than I will have to explain all of this to me when it is over. I just don't get it.
By EOD the entire float will have been traded between yesterday and today.
Great call centaur64. HDY hod $4.64
Right now it looks like that was a great time to bail. Congrats.
BFR,
Even a blind squirrel finds a nut once in a while.
What amazes me is the general media finds someone and no matter what their success rate is, they are given "expert" status. Reporters keep coming back to them for opinions. I watch the business, or money shows in the morning and they all have an agenda.
That's a nice trade, especially from a Buckeye. A Nittany Lion would've gotten $4.64. Not this Penn Stater, but another one...
Nice Profit so far, hope you get more.
BFR,
Back on 10/24 you posted this
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=55873127&txt2find=ngsx
Which was
10 Biotech Stocks Expected to at Least Double
written by Jake Lynch
Here's where they stand 2 months into a 12 month prediction
NGSX down 7.58%
NBY down 8.38%
NABI up 13.00%
OGXI down 4.81%
ATHX down 11.85%
CRIS up 37.24%
AVNR up 40.63%
NVAX up 6.58%
CYCC even
SNGX down 34.78%
Total up 1.37%
Let's see how Mr Holmes does.
No, but I bailed late. Was in @ $3.9 and wanted profits. Good luck to those still in.
I'm not sure if something bad was leaked or I got played like a fool, but I'll take .55 a share to the good at this level.
SNSS is up PM.
high of .43
total volume 42k shares.
Bids are lining up over .4
might be news about the trial.
CORT article
http://seekingalpha.com/article/242440-interview-corcept-therapeutics-cfo-on-corlux-phase-3-results
From reading this article it appears the phase III was specifically designed with a tilt towards positive results. I know trials in general are not designed for failure.
Below is taken from an interview with the CEO
Loewy: Details of the trial design and statistical analysis plan are as follows: We are conducting a single 50-patient open-label study in endogenous Cushing's Syndrome patients who are not eligible, have failed or have relapsed from surgery. Patients are eligible for the trial if they are either glucose intolerant or are diagnosed with hypertension at entry. Patients in the Phase 3 study are placed in one of two groups: those with glucose intolerance and those who are diagnosed with hypertension but not glucose intolerant. In the trial the patients' dose is titrated to clinical benefit.
To me the patients knowing they are on the drug will help with the results. Just thinking you are taking a drug that will help you can do wonderful things. The mind is very powerful. Also the dose being titrated to clinical benefit certainly helps results, as they keep tweeking the dose until it works.