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I think Elite is keeping this close to the vest for obvious reasons. If Novel is approaching them to purchase back Elite's 10% stake, then it behooves Elite to act nonchalant and not in a hurry to sell so they can get a better price. Jerry knows what he is doing. Being an experienced wall st guy, he undoubtedly has done his DD and knows exactly what his Novel investment is worth to him. He will wait until he gets it. Whether that is next week or next year probably doesn't matter to him.
I for one appreciate the honesty with which conix has approached this board. he has provided some very good insight into technical trading that we could all do well learn from. His trading style is based on sound principles which are great for making money, which I think is what we are all trying to do here.
conix's style of trading also really limits any drawdown that could be associated with trading this stock. I have traded around a core position for two years now and have experienced the frustration a lot of longs have faced with a pps about where I started. The drawdown my account has experienced has tried my patience, but I do think long term I will be rewarded as he pps steadily increases as this company achieves its goals.
Traders are necessary to bring liquidity to this stock and folks like conix are good for longs.
I have to wait for some funds to settle. I really wanted to add some in the 7s. Hope there is still a chance on Tuesday. This stock is a traders dream.
I think this bounces off 33. If 33 is breached, next stop is 27. Great time to add imo.
5 stars *****
Management has been saying for quite some time that all they need is some funding and a little help from the FDA and then Elite would be off to the races. Well, JT and Epic have provided funding and the FDA has approved the new facility, two new dosages of phentermine as well as naltrexone.
It is kind of like getting a train up to speed from being parked. Laws of inertia are in place. Once we get up to speed the momentum is going to be really tough to stop.
I don't think the pps changes much as a result of this filing. the market has already priced in the expectations which were met for today. if anything I think we get a small bump to the mid 9s as the current pps reflects a slightly defensive position going into earnings release.
I really like this quote from JT. Especially the part about scaling up for trials. this is more than I thought he would say as previously he said we wouldn't hear anything more until the trials were over or a partner for an ART product was named. "all in all, it was another excellent quarter of progress for Elite"
Jerry Treppel, Chairman and CEO of Elite commented, "The Company continues to progress towards its goal of becoming break-even on an operating cash flow basis exclusive of any clinical trials required for our abuse-resistant opioid products. We expect this to occur in the next quarter or two. We are in the process of finalizing and scaling up the formulation of one of our abuse-resistant opioid products so as to commence human trials. As we have stated before, we are in the process of seeking additional capital to finance these trials. All in all, it was another excellent quarter of progress for Elite."
Sounds about right. I think we finally hit cfp after march 31st. Still, I am a locked and loaded long ready for any exciting news or growth.
Agreed. I do not see Elite doing a share buyback. If the sale of Novel yields a windfall of cash, a management team like Elite's is going to understand that cash is king and they are not going to quickly part with it just to raise the share price. They will use the cash to grow the business and let the business growth be what drives up the pps.
I think we finish the day right where it started. Then, tomorrow we retest 50.
Yes. Gap filled. I think we see 50 again today.
Gotta fill that small gap from yesterday morning. I think it likely we get back to .50 before the day is over.
Crap. I thought there might be a bear raid today but I jumped the gun and picked up my shares in the 9s.
Picked up a few more cheat seats today!
I have never bought into the reverse merger scenario that was so popular for a while on this and other ELTP boards, but thought it interesting that for another company, Astex Pharmaceuticals, a merger in the last few years was completed and the new entity has blossomed to a 300M+ market cap company with only one product on the market. They have a modest pipeline in comparison to Elite's and have partnered with Janssen and Novartis on a few of their upcoming products.
Obviously, I have no idea what the future will actually bring for Elite, but it does not seem outside the realm of extreme possibility that they could become a 300M market cap company in the reasonably near term with the right strategic alliances and partnerships to bring their technology and products to market.
http://astx.com/pipeline/products/
i grabbed a few more under 10 today. Would love to see this close .099 or above
dimes are printing!
I am also glad to see that there is not a lot of selling on this news. I had been concerned that when we got this news there would be another sell on the news type sell off. But the fact that this has not only held but increased 13% as of right now makes me happy!
Helo, this naltrexone approval brings me a big sigh of relief as this product is so integral to the future ART products. I will be interested to see what formulations they sell. The Novel monetization will be an important step to elite reaching their goals, and I am cautiously optimistic that elite will make a decent profit on their original investment in Novel.
Well, guess I was wrong about a big volume swing after lunch.
Those 6 million shares Epic converted must be looking pretty good to them right now! If I hear any more complaining about insiders selling, I think I will puke.
Agreed. Lets see what happens today after the lunch hour. Often that is a high volume time for this stock.
I am so happy this finally got approved. i've been waiting since April 2011 for this..... My question would be regarding the time frame for the release of a naltrexone only or naltrexone combo drug.
Picked up a couple more at .087. Didn't get filled at .084 but figured anything in the 8s is a steal.
I agree. I am picking up a few more today.
Drugdoctor,
Will you pm me your email? Gotta a couple things I wanna bounce off you.
I jumped the gun this morning and picked up a few .09s. A close at .09 or above is needed to keep this run up. If we close below .09, I think we cycle back to mid sevens before the phentermine launch if no news this week. Hopefully we get a PR soon.
a little investigation into the filings will show that the insiders are indeed NOT dumping. They are in fact accumulating. Today a board member filed a form 4 for options that became vested. Two weeks ago, the largest shareholding entity, Epic Pharma, added a net of over four million shares. They sold just over two million shares to put funds directly into Elite's treasury and then bought over six million shares at a better pps.
Insiders are certainly NOT dumping.
I noticed that too. I like the volume today. A close at .09 or above would start us running up the upper bollinger band.
A close at .095 would be fantastic today. Let's keep holding gains as this stair steps up!
Grabbed a few 067s today while the getting was good.
Tangerine-
Thanks for the clarification. I just saw the headline on Etrade pro and didn't delve into the details. That is fantastic news!
New form 4s out. Looks like Epic took a little payday.
The psychological cycle has just about hit capitulation, especially for those who have been holding large long positions for a long time. I think we will continue to see action like today's for the next two weeks until we get a phentermine launch. It will probably trade in the 6 to 8 range, but we could see one more high volume bear raid or mental capitulation before this pps goes up.
The company fundamentals are still sound so the pps has every reason to go up. The psychological cycle is primed and ready to run here in the coming weeks to months.
Kudos to whoever made the great trade in the final 10 minutes. 200k shares bot at .0641 and sold a few minutes later for .0725. They made over $1,600 or 13% during the rush to close. Well done. Wasn't me, but there are some fantastic trading opportunities with all this high volume.
I am loving the volume, but am admittedly very ready for the running of the bulls.
Finally! Some serious consistent volume! I am glad that this stock is getting sufficient liquidity for investors and traders alike.
Grabbed a couple of 6s.
I for one am excited about the volume today. My main concern with this stock all along has been liquidity. I hold a reasonably large position and watch many trading days go by where fewer shares change hands than I own. The fact that we traded 11 Million shares today without a significant drop to the downside is a good thing in my opinion.
The close was painted down to .071 but could just have easily been painted up to .0769 which would have left us essentially unchanged for the day. Liquidity attracts investors and traders alike, so I for one am happy that we had such high volume today.
Tomorrow will be interesting to see if we have a high volume day again and if we go up or down.
I keep thinking we will see a naltrexone launch before the phentermine launch.