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Yes, an illegal one, if you don't file.
No question, Husker. Enjoy.
I disagree. Straight shorting does not require a Form 4 but an insider who shorts against his own shares is essentially selling shares in everything but name, which is a change in beneficial ownership. If it wasn't, then, for example, a CEO could effectively sell his shares in secret by calling it a short against the box instead of a sale, which short position he never has to cover.
True, James. Although it is quite possible that Adage and/or other tute longs are lending out their shares for extra income at 20% or so. Not a bad return. I'd guess that Fidelity almost certainly lent shares to its brokerage customers after buying all of those newly-issued shares a few months ago. Chinese wall, you say? lol
Thank you for abstaining, Steadykick. Considering your job. lol. However, I do recommend single malt Scotch.
Adage could not short its own stock without filing a Form 4 anyway.
No difference, Husker. All of these weed sellers operating in a state that has legalized marijuana are nonetheless committing felonies under federal law. The feds have simply decided not to enforce the law thus far, for whatever reason. Pretty risky, because the feds could decide to do so at any time.
True, Shub, but the marijuana sellers who are operating within state laws but violating federal law are willing to to take the risk that the feds will continue to look the other way about it. I'd be fairly shocked, however, if a legitimate, publicly-traded pharmaceutical company is going to take such a risk by selling their drugs without FDA approval in violation of federal law.
Cali passing such a law will have no legal teeth at all. A state cannot obviate federal law by passing a state law saying, essentially, don't worry about the FDA, just go ahead and sell your drug here without FDA approval. Doesn't work that way. Under the U.S. Constitution federal law trumps state law, under the Supremacy Clause.
FBG, if some is going to make a bid for ADXS word will leak and the stock will run up beforehand. Then the buyout price will be set. But to really answer your question, in my opinion there is nothing that can be done to guarantee an increased valuation of ADXS right now, because the pps is a reflection of a relative lack of institutional demand for shares of biotechs (particularly clinical biotechs) and so the pps is almost entirely being determined by mm's/traders/manipulators. They are not "valuing" anything. They are simply trading and manipulating because they can, due to the low "real" volume. Until the macro environment for small biotechs improves and/or the short manipulators stop doing what they are doing, it doesn't matter much what ADXS does substantively. Obviously, the trader AND the investor sentiment could change sharply if a BP deal for AXAL, for example, was announced. But in terms of simply making progress on its vaccine development, which the company has done stupendously and which is very important in the big picture, that has not stopped the extremely dedicated suppression of the stock price thus far.
Adage, Fidelity, etc. would not sell their shares at $20 for a buyout, so it is basically irrelevant. Unlike us, they understand that the true value of the company will be much higher, upon either a real buyout offer or upon EU or FDA approval. Even a big deal for AXAL and a $25 pps would not interest them. They understand the "end" game. And they don't care that the pps is being manipulated in the interim.
Hedge Fund Managers Increasing Long Bets and Cutting Shorts (comment on the overall market, not ADXS). Only a matter of time until the money starts coming back into biotechs, particularly the pummeled small biotechs like ADXS. The article notes that the hedgies have missed the boat on a big, recent small cap rally in the Russell 2000 stocks.
https://www.yahoo.com/finance/news/hedge-fund-managers-raging-bulls-161855001.html
Blue, I'd love to see it. I have no idea where they would find 4.4 million shares, though. They are simply not available. Not even close. So that would mean a much higher share price, obviously.
A healthy decline in open short interest. Down to 9.4mm as of 12/25.
Sure this "crap" will end. The only question is "when?"
A 61k share early block buy spurred the mini rally this morning. Then, naturally, the suppression commenced.
Always. I love the leverage.
The ADXSW board has always been essentially viewed as redundant to the main board.
Excellent analysis, MKC. The Amgen NEO deal is one of about a dozen reasons which prove that the current market cap is ludicrously undervalued.
Well, FBG, tell me why institutional investors are supposed to worry about the company--which is progressing fantastically in its vaccine development on a dozen fronts--simply because ADXS raised capital and issued a few hundred thousand options. What fundamental analysis are they going through that says, you know, those things make this company, with its amazing platform, alot more risky? Answer: they don't care. And if the stock was trading at 20 right now, neither would you. You seem to have arrived at the conclusion that management controls the share price of a stock which, in reality, is in a beaten down sector, and is a stock that has been incessantly manipulated and attacked since the Pearson smear two years ago. Has nothing to do with management, which is producing on substance. The other stuff about management options, and RSUs granted in 2014, is irrelevant fluff.
Exactly. The CEO and the board can be criticized to some degree, but to blame them for the pps is just wrong. It is incorrect, and has no bearing on the pps. The short manipulators just love to hear this reinforcement of the false premise for their manipulation.
The repeated blaming of the CEO for the share price gives credence to the false premise that there is a legitimate reason for the suppressed share price. Period. None of the tutes, mm's and shorts give a rat's behind what the CEO did in 2014, or that management issued themselves a few hundred thousand options. Management has no control of the share price, all they can do is progress the vaccine development, which they are doing. If someone wants to replace some of the dead wood directors I would not complain, but to say that their presence on the board is a reason to devalue the stock is just nonsense. Same with the complaints about the CEO. Gee, he raises necessary cash and grants management stock options. What a radical agenda for a clinical biotech.
You seriously believe that Dan malevolently arranged an entire private placement for the purpose of depressing his own company's share price? I'm glad you put a "likely" in front of that statement, because otherwise it would be libelous. That claim is just way out in left field, with no factual basis whatsoever.
How is Dan not getting the job done? Please be specific. Which development of an indication is not progressing very well? Is the company running out of cash? What should he do better?
Nice to see you, Bomba. Good for you. Anyone not buying here will be kicking themselves in hindsight. The pps is a joke.
An obvious attack at the open designed to break the support level. May have used a Form 4 filed yesterday as fodder, where a director sold 12k shares to satisfy tax burden from award vesting. Not getting any real selling out of it, except maybe a few stops.
Good point, James. ADXS will technically show a net profit. Although the street will probably not view it as true profit from ongoing "operations." The Amgen money is probably viewed more as a capital investment than it is revenue.
The BOD is a problem, Beaty, but it has no relation to the share price. I would, however, like to see the Tutes put together a real board.
Yes, Bourban, MM's are allowed to naked short, but that is not the manipulation that we were talking about. We were discussing the two Jersey knuckleheads' scheme. They put in a flood of small orders through fictitious accounts to create market movement, while they also made larger trades through real accounts in order to take advantage of the market movement.
I agree with everything you said except for the hypothesis that the pps valuation has anything to do with the BOD. I just don't see it. It's perhaps not an ideal BOD, but it is hardly a basis to devalue the stock. If it was, the tutes would have already acted, whether with their mouths or with their wallets.
I am surprised that Adage, etc. have not at least negotiated some board representation already, FBG. We need solid, independent "business" executives in there, not VC's and dead wood from the dark days.
You have a point, Funky. The BOD is weak, and inexplicable.
FBG, I would not be surprised at all if some big tutes are not happy with the seemingly "stacked" BOD. I wonder if we will see a change in the next election, if not sooner.
I understand your point, FBG. However, I personally don't think the street gives a whit about the RSUs or options. They have no fundamental reason for suppressing the stock and shorting it. They simply do it because they can get away with it, mainly due to the fact that there has been very little "net" tutes money coming into early biotechs lately, because of macro conditions, and because they use shady tactics to manipulate the stock. They are very aware of the technical indicators, and constantly try to break them down to keep "trader" sentiment negative, which is all that's really going on these days, i.e., trading. Traders don't fairly valuate anything, and they don't care about value in the first place.
I agree, Donja. RSUs were a bad development for shareholders market-wide. But ADXS has shifted over to options.
James, nobody can say that ADXS is not producing results on the development front, that's for sure. I guess Dan deserves credit for that. Some people just don't seem to accept the fact that dilution is part of the clinical-stage biotech playbook. So are stock options.
I'll bet you if Dan stepped aside there would be no significant impact on the pps. The pps is the result of shorts and manipulation. Some just bet heavily against new biotechs with a novel approach, and some shorted simply because of the huge run up to 30. Tutes own roughly 65% of the company, and they apparently have no problem with Dan. If they did, they could easily get rid of him. Or they could simply sell their shares, which they haven't done.
Sorry. I misunderstood.
Because they have no thesis. They cannot argue with the science on iota. They don't even try. All we ever hear is lies, such as "Phase 3 is dead," etc.
Yeah, sure. God knows the stock market is perfectly pure and efficient. Also, we're from the government and we're here to help. Used car salesmen are perfectly honest, etc. Get a grip on reality.