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A company knowing who is buying and selling its stock is certainly not coercion, punishment, illegal, unethical, or otherwise. It is very good practice and one that every serious company strives to do.
Only in a bizarro, phony, conspiracy-minded world is knowing about institutional shareholders' holdings a bad thing.
I'm happy the company believes they have identified a source of the selling, and knowing that will also allow them to know how many shares are left to sell.
This might have been already covered, but our own Board of Directors member Peter De Svastich is a Managing General Partner of Global Emerging Markets Limited (aka GEM).
Our own Board of Directors member Thomaz Burkhardt was on the Board of Directors of Bachem AG until April 2020. He had been a director of Bachem since 1997, but the bylaws required that his time serving was up: https://www.bachem.com/fileadmin/user_upload/pdf/Press_Release/2020/Press_Release_Change_Board_of_Directors_EN.pdf
Very important item to note dloggold. Thanks for researching the Phase III site recruitment numbers.
This number of site activations puts the lie to those who claim that HGEN is slow rolling the trial. No, quite the opposite. 16 actively recruiting sites is extremely impressive for a small company like HGEN. Not to mention the multiple sites in the Covid-19 hotspot Brazil, which HGEN states is ok'd by the FDA to contribute patients to the U.S. Phase III trial.
They are enrolling full speed ahead.
Extraordinary volume is often an indicator of algorithms creating the appearance of buying (and selling), which has the effect of bringing in buyers at strategic points to offload shares on. So I agree with your speculation tcm55. A slowdown in volume is a clear indicator that the selling spigot was turned off. Despite the large share count, there are so many of those shares in the hands of massive holders like GEM, that the float is not as large as one might expect.
Since GEM's goal is aligned with the shareholder's goal, now that RLFTF has finished accessing the share selling agreement for money to complete the trials, we will be advancing steadily with lower volume.
The fireworks will come relatively soon, but in the meantime I am holding all shares tightly.
They sure are keeping their cards close to their chest. At least the Aces.
I concur that one of the financiers or major holders (Nomis perhaps) had hedged a large position with a short sale up at $5-$6/share, and just covered. That's why there was no upward pressure in the market. Because they just handed over their own shares to cover their own short hedge. A good signal that the lows are in.
That would be preferable to get some of that non-dilutive funding for sure.
We will still have 225 Million Authorized Shares, with only 45 Million outstanding. I believe Dr. Durrant mentioned doing a raise to expand their activities.
They have plenty of outstanding to raise a chunk of capital, no?
This is what I think we have going on based on the current price of HGEN stock:
There will be a 1 for 5 reverse on Friday at 4:30 PM ET, per the press release of September 4.
Many institutions are lined up to provide coverage.
The institutions expect or are actually aware of a deal being shopped around for a stock offering to be done after the reverse split. These institutions will participate in the offering in a big way. Insiders will also participate.
One of the conditions of the NASDAQ listing is a cash runway. The raise will accomplish this.
Institutions already have their amount of the offering carved out and waiting for them, so they are not buying in the market right now. The shares will be at a discount to the market price at the time, so the institutions will be able to easily place the shares. They don't care as long as it will make money.
We are in a bit of a drift right now for that reason. Some individuals (me, for example) will decide that this price is too good to pass up and will start averaging in more.
By the end of the day on Friday, we will be above $2 at least.
The fund raising and uplist to NASDAQ might be concurrent and take place as early as next week.
The IV trial's conclusion is coming soon. No doubt that an Emergency Use Authorization will come from the FDA, with a full approval thereafter. Dr. Javitt is in constant communication with the FDA, no doubt. He is one to get everything lined up in advance.
Bravo MD2Trader. I appreciate your post. You obviously have a trader's perspective and a scientific/medical perspective. You see that Aviptadil is the real deal, and have committed to see the investment to its fruition. Tell me, did it surprise you as well that 19 of 21 consecutive critical Covid-19 cases were successfully treated? Patients that were so dire they couldn't even get into the critical trial. Excluded based on their horrible condition. Yet, the compassionate use extension took all comers, without picking and choosing, and healed them one after another.
Consecutive. It still amazes me.
This therapeutic, RLF-100/Aviptadil/SamiVir, is the key to ending deaths from Covid-19. For starters.
They did not release the text of the letter from the FDA. I did not state that they did. They did state that the FDA responded to them, before September 8.
Already happened. Early response from the FDA on September 1. But that was known on September 2, when CytoDyn let everybody know.
Nice that the FDA gave them an earlier response than anticipated. Also nice that they agreed to an in-person meeting rather than only providing written responses.
But you believed CytoDyn's press release stating the FDA would reply by September 8!!!
BWWWAAHHAAHAAHAHAHAAHAHAHAH.
Debunked.
Of course, that's what market makers do. You can clearly see that even retail orders get routed through various market makers, including CDEL.
But CDEL is NOT Fidelity. CDEL is Citadel Securities.
It's a full time job trying to keep up with the errors posted here.
CytoDyn already received the written reply from the FDA, per the 9/2 press release:
"In addition, the U.S. Food and Drug Administration (FDA) advised the Company the agency has scheduled a Type A meeting on September 8, 2020, following the Company’s receipt of the agency’s written responses on September 1 concerning it Biologic License Application (BLA) for leronlimab as a combination therapy for highly treatment-experienced HIV patients. The FDA clarified the items it needed primarily related to dosage levels."
No CDEL is Citadel Securities, founded by Ken Griffin.
Embarrassing is right.
They didn't "exclude the elderly", for the third or fourth time. The previous exclusion criteria was over 85 years of age.
They expanded the parameters of the study to reflect the current trends in recovery from Covid-19 AND to increase the speed of recruitment into the trial.
They added MULTIPLE endpoints to the trial. The data will be incontrovertible, and not cherry picked, like some other companies.
They are basically taking all comers now and intend to finish recruitment by the end of the month.
Again pegs1, HGEN did not do a 1 for 5 reverse split last week. They ANNOUNCED one, to be effected this Friday. The HGEN stock price of $2.25 does not reflect the reverse split, because it has not been done yet.
HGEN has not done their 1 for 5 reverse yet. They intend to do so on Friday. The share price is now $2.25 BEFORE the reverse split. HGEN finishes their phase III trials at the end of this month, with an interim DSMB look any day now.
So Humanigen has said THEY will forgo an interim analysis to avoid slowing down the trial. But is it your belief that the DSMB will not just be doing a safety look but an efficacy one as well? Based on what Dr. Durrant said recently, the DSMB's interim look is any day now? They have passed the mid-point of the trial.
I do think that Lenz will have a lot of support in Washington, D.C. As you mentioned, the NIH is behind it and it actually works, unlike the other marginal EUA'd therapeutics.
I believe these are the best numbers so far! Vent at 40% and ECMO at 75%. Thanks for posting the update.
Disregarding everything else for a moment, Lenzilumab's efficacy, it's use by Gilead in CAR-T trials, the management team of seasoned biotech pros, and the investment by the best biotech funds in the business.
Take all that away, and imagine the reverse split from the eyes of Chief Scientific Officer Dr. Chappell. Dr. Chappell owns 69.6 Million shares of HGEN, which is about 33% of the company. Would he willingly go along with a 1 for 5 reverse split if he thought it wouldn't be beneficial?
There is one class of shares. Meaning everybody is part of the same reverse. Pretty confident that Dr. Dale Chappell of Black Horse Capital LP knows what he's doing.
I've seen NASDAQ approve of a simultaneous one for four reverse, offering and uplist.
Now that HGEN has filed an S-3 for a shelf offering, I suspect it's going to be a fast and furious 1-2-3 deal. Once the S-3 is declared effective, they are going to announce a small reverse (ONLY if necessary), a big funding, and an uplist all at once. The S-3 should be declared effective relatively soon, since the SEC just reviewed a FULL registration statement for the PIPE, that has been continuously updated. They will just do a redline to see the changes and that will cut down on the workload.
Many of these institutions that were on the call will be lined up to take shares in the offering.
The die is cast. I mentioned recently that I thought the uplist would occur in 2 weeks time. I still think that is likely.
My opinion!
Closer to the truth than we might think, I suspect!
Might have just exhausted sellers. The ask is finally above 2. I think one 50,000 share chunk marked the end of the sell at all costs people.
Fezziwig - Are you thinking that the DSMB, who will still be looking at the interim data, might recommend stopping the trial because it is markedly superior to placebo and giving all patients Lenz?
Speculative names are getting crushed all across the market yesterday and today. Even the biggest names are too, to the tune of 5-10%. It follows that little HGEN on the OTC will catch some of the strong wake. What I am betting on is that when the dust settles, people will clearly see that HGEN's Lenz is an answer to getting through the pandemic. The wait has seemed long, but in biotech terms it is lightening fast.
I'm very encouraged by Dr. Durrant's statements about frequent and productive dialogue with the FDA.
Human nature is to sell when everybody else seems to be selling. I have been successful in the past by doing the opposite.
Bought more at $2. What deals we're getting...
Jay, I think your post that you referenced is spot on with regard to the current price of HGEN. The last part, where you highlighted trial exclusion criteria, has a simple explanation.
The trial states: Active systemic infection with bacteria, fungi, or other viruses, was an exclusion criterion.
The key is "other" viruses. Covid-19 is a virus, of course. Patients with other non-Covid-19 viruses are excluded.
Buying into the overall carnage today. I bought 15% more at about $2.25.
Great read. Very interesting case. Fortunately CYDY's deal is convertible at $10 per share with no true-up provisions and no discount to market price. Fortunately also, CYDY already has the money, and it is not convertible for awhile yet. Now, what with this lawsuit against Fife et. al, Fife won't be able to be dump shares onto the market. Even if he did, it would be above $10 per share.
BuyersStrike did us a solid by providing this up-to-the-minute info! Please thank her for us.
Yes, as far as using RLF-100 in yearly influenza patients at risk for pneumonia, lung damage, ARDS, sepsis: ABSOLUTELY
Overhyping to you is discussing RLFTF on the RLFTF message board? Perhaps you can discuss your investments on the board dedicated to that stock?
Yes, that is exactly right Stratosspace. RLF-100 should be used early, in the virologic phase of the disease, to protect the lung cells, stop the virus from binding, and increase surfactant production.
I believe the company is supporting this concept, and the inhaled RLF-100 trials will confirm.
I just checked it again and it adds up fine for me, just looking at GEM's stake. https://www.ser-ag.com/en/resources/notifications-market-participants/significant-shareholders.html#/shareholder-details/TAK9200037
Good, we're on the same page.
Yes, they did, but remember that was Hong Kong $, which converts at a ratio of 1 HK Dollar = .13 USD currently.
But this is true, that GEM is backing both RLFTF and NeuroRX.
The way I read the report, and indeed the reason for the filing, is that GEM exercised their warrants. If you read the original filing from the Swiss exchange, the notes underneath each warrant position indicate that they exercised the warrants.
Majority ownership of the shares is not the same as control of the company. The decisions of the corporation come through the Chairman and the Board of Directors. Now, could a majority shareholder maneuver to oust the chairman and board members? Yes, but it is drawn out. Rules need to be followed based on corporate law and the corporate bylaws. Votes have to be taken, meetings scheduled, etc. There would be a proxy battle (which would be won by the majority shareholder, however if it were antagonistic, it could be drawn out).
Now, I have no doubt that the Chairman's relationship with GEM is tight. We must understand that GEM's path to greater wealth is exchanging their common shares for the highest price possible. They are not going to undercut themselves! They are going to wait for the highest bidder. Guess who else has the same stake, on par with GEM? We do, if we are shareholders.
Pipelines yes. Revenues, not necessarily. Dozens of approved drugs, no. We're in a pandemic. Moderna has a $25 Billion Market Cap and no approved drugs, no revenues yet. That is a fact. If you think $25 Billion is too high for a company which will have an approved therapeutic to essentially end the pandemic, then you are free to come up with another valuation. I happen to think it is very reasonable.