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yes but there was no meat on the bone to fight over with pphm... that is the difference...
One would figure that with a zero interest rate environment, they would have a pretty easy time of replacing the 10.5% debt. Hopefully they are working on it.
Just checked on Ronin. Looks like they are closing shop. I think they traded over $34 bil with about $400 mil equity.... Poof ... from what I read on older article, he helped fund a former trader and became his partner that traded VIX and thought it was easy money .... until the covid black swan bit him on the ass...
https://www.risk.net/risk-management/7672111/ronin-felled-prop-giant-shuts-up-shop
https://www.risk.net/risk-management/7548911/ronin-expanded-rapidly-before-flaming-out-accounts-show
looks like CJ and SK reunite...
https://finance.yahoo.com/news/patriot-scientific-corporation-mosaic-immunoengineering-123000176.html
so so glad these scumbags are gone from CDMO...
more like hundreds of millions.eom
obviously no big deal... the virus doesn't care if BP or some small outfit develops it... if the stuff works, BP will get involved... my guess is capacity across the board is tight... another customer that pays some bills is ok... and I prefer it's a small deal so as not to take up capacity for better clients... all imo
Yes and the SP collapse in March was most likely related to Ronin's forced portfolio liquidation as a result of a VIX trade gone bad.
good article
USA is preferred location...
https://www.outsourcedpharma.com/doc/u-s-the-destination-for-outsourcing-will-cdmo-capacity-hold-up-0001
I noticed a "Hard to Borrow" tag with my brokerage acct. Looks like shares are becoming harder to short.
Halo 2nd q cc was yesterday and reported significant progress in the enhanze program... my guess is that the developments are impacting the interest level in CDMO... shares have to becoming harder to get in CDMO imo..
https://www.fool.com/earnings/call-transcripts/2020/08/11/halozyme-therapeutics-inc-halo-q2-2020-earnings-ca.aspx
agree... per the PR, Argonaut is about 1 hr away in Carlsbad so having the fill/finish service close by saves capital investment and just as important saves space which could allow more room for manuf operations.
agree... but if there is a capital raise it will answer the big question right now on how to pay for expansion... I would be more worried if they did not need to expand... fill/finish issue was answered today for the time being... my guess is halo/darzalex and halo/roche biz will be ramping up... any weakness in SP should recover quickly imo...
10 shares at $6.80 ... before that 10 shares at $7.13... I check my schwab account every day at close... over the past month or two there are about 30 to 40k shares traded every day right after close.. within seconds of closing... after yesterdays 13g it looks and another 2.2 mil share pickup since last institutional reporting. So it appears accumulation has been going on... and shares are harder to get... hang tight and expect the games to continue
https://old.nasdaq.com/symbol/cdmo/after-hours
But the main question has not been answered yet... how will they finance expansion? if I were the new guy coming onboard, I would want that issue settled...
yes... maybe we get to see who has the bigger thumb on the scale... and one prop trader that had skin in the game is on leave from what i can gather... will be interesting to watch...
My bet is $7.50 options close in the money on July 17...
yes... the smackdown on march 11 had nothing to do with the company... ronin was forced to liquidate his portfolio by CBOE after a VIX bet made by one of his former traders turned biz partner went south in a blink of an eye.. per various news reports...
i also find it interesting that they kept track (as in enough detail to do a paper on it) of the folks on bavi that went on to pdl drugs... the main reason why oncologie bought bavi was the graph showing the dif between bavi w/ pdl and pdl alone... this was planned in that you can't get the data later...
all the science info/paper/etc disappeared from the avid website during the sale... i asked IR what happened... no good answer...
doesn't matter now... if bavi makes some progress, maybe avid shareholders get thrown a bone..
yes... everyone posts their confessions for crimes on ihub as well as payments... and it is a known fact that if there were no convictions, the crimes never occurred...
the info is among the thousands of posts... have at it... i spoke with the company IR person at the time as did several others... two sets of data books...
Agree... garnick bet the farm on bavi phase 3 and at the time the drug to beat was avastin which was terrible w/ respect to safety... by the time the second phase 3 was in mid stride the landscape changed with the pdl drugs... and the sunrise phase 3 was impacted by folks leaving to try the pdl drugs (can't blame them when your life is on the line)... so bad luck and bad mgmt... this train wreck all started with bleeker and her sabotage in fargo... surprised how quietly it was all handled..
and garnick prob made a fortune on the $5 bil acq of Stem....? by abbott which turned out to be a dud...
we don't know the terms of the any deal... was any sale contingent of keeping the old bod in control? ... at the time of sale, it was thought that the pd-L drugs were the end all cure all... and the importance of PS was not understood... I had several conversations of Brekken back then... also the science had less credibility than it deserved because the 3 person clown show BOD that had zero biotech experience... i had discussions with Tappan at the time... per tappan guy, the science community gave the co little respect because of the BOD...
so it's not silliness... just poor mgmt...
The bavi science was good... the management of the IP was terrible... all driven by greed of the old BOD... as for any potential benefit to Avid shareholders, it's possible but prob at least a year away and would require a Merck buyout (possible given 3 trials are with Merck)... all imo
I still think a capital raise or preferably an equity investment from a player in the cdmo biz is around the corner... you have equipment to buy, contracts to execute for contractors.... got to pay for it somehow... just hoping they announce positive news to limit dilution...
imo this is the last hurdle to really moving upward... the expansion and how to pay for it...
and could the analysts be rounding up players for such a funding? all imo
it depends... will an acquirer pay for future projected revs discounted to a npv? The halo biz could really take off as the SC delivery option has many advantages... and that biz has many irons in the fire and opens doors with many BP's....
and halozyme biz is about to grow big time w/ darzalex US and EU approval and Roche US enhanze approval... this is recurring biz and not batches for trials...
yes... back in the saddle again... and capital raise (if any) won't be so brutal like the one right after Ronin kicked out the old crew... and I agree they left some upside for the new guy... and this asset is becoming ripe... the current BOD is not tied to a gravy train like the old BOD... the real pop in price will be upon takeover with forward revs factored in... and when could that happen? all imo
Yes... it should be.... earlier approval than expected..
demand should be good...
good find... another darzalex indication.... roche approval of perjecta/herceptin slated for oct with fda date...
hopefully positive developments will translate into better sp... the clients dictate the news releases and the manufacturers really won't see the results until the analysts can bake the increased revs into the forecasts... so the next cc or the following will provide that guidance...
EU approval of darzalex sc last week...
https://finance.yahoo.com/news/halozyme-announces-janssen-receives-european-163500012.html
get this party started
i doubt much impact from russell rebalance given avid is already in the russell... all imo
such a shame dr. Thorpe passed away in the midst of his discovery... Thorpe was prob one of the pioneers in this area
https://www.rawstory.com/2020/06/coronavirus-is-a-blood-vessel-disease-study-says-and-its-mysteries-finally-make-sense/
such a shame the old crew took some chances and lost the big bet vs partner earlier which caused them to lose control of company to ronin... ronin came in and cleaned house and evidently rolled the dice and got his house cleaned.. controlled over $20 bil in trading activity.... and the covid virus messed his vix bet in a big way.... funny how a drug squandered by mgmt and replaced by ronin might be the solution to the bug that took ronin down... make a movie about this with the sabotage bleeker bs... The Big Shart
http://alphacution.com/poof-legendary-ronin-capital-disappears/
interesting times.... what next?
look at the games played today... premarket at $5.10 then up to $5.79 premarket and 82k trade at $5.71 at open.... someone trying to shake shares loose imo
agree they prefer retail out of the way...
but things should improve..
interesting art on industry capacity..
https://www.pharmtech.com/preparing-meet-manufacturing-needs-during-pandemic
transcripts from catalent cc.... the other cdmo involved with halo
in a nutshell... biologics strong... they had 100 related covid opportunities... signed 30...
https://finance.yahoo.com/news/edited-transcript-ctlt-earnings-conference-122942666.html
avid should be fine... halo biz should start kicking in
should be new biz available given the cdmo tight market and US base...
On a side note... interesting commentary on ronin...
recently had $20 bil in gross asset positions and $400 mil net equity per article...
http://alphacution.com/poof-legendary-ronin-capital-disappears/
I have yet to see this crew a promoter of share price to date.... hopefully it will be different "this time" and Lucy lets Charlie kick the ball...
they have been building a solid foundation with some setbacks but they have yet to deliver on sustained share price move or value creation... it's time to deliver now or sell in this environment...
A rising tide will (should) lift all boats unless the captain has another agenda. All imo
If i can recall, darzalex was one and roche perjeta/herceptin has fda date in oct per Halo's last CC. My guess is the third would be Halo's own drug which was scrapped after failed phase 3. Could be another one... just not sure
looks like folks juggling to meet capacity..
https://www.outsourcedpharma.com/doc/pfizer-shifts-outsourcing-and-communication-to-fight-covid-0001
been following this topic ie CDMO capacity for some time... as I expected the capacity is being used up and reallocated to make way for covid trials etc...
Having a US based biologics manuf facility with capacity should be a good thing...
damned if you did , damned if you didn't.... don't blame the company for applying... the entire program was poorly managed with confusing guidelines..
given ten yr treasuries at .64% and with a good book of biz, a debt placement much better that the 10.5% cdmop might be worth looking into within the next year