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No news = no support.
PPS will find its own level but without news at one that stands last year's insider purchases at a loss & makes investors disillusioned.
Maybe Dr Kim has gone on holiday for the winter?!
Stonepine report 6.5% holding in AMRN
http://archive.fast-edgar.com/20150206/ANKCK222Z22272Z2222722ZZMG96Z752B272
Gosh! Shame that there is no buying interest for INO. Without some news to stimulate share purchases the slide continues.
Goodwill in their accounts (as is normal practise) is the difference between the price paid for the businesses acquired and the book value of the underlying assets acquired.
A bit like market capitalisation is usually much higher than the underlying net asset value. This reflects the expectation of management of monetising this into future earnings.
It gets written off to P/L over time.
Note 13 to the 10Q sets this out together with management's view of the impairment of goodwill.
http://irdirect.net/filings/xbrl/viewer/1398702/000135448814005973/18
Whether the amount is right or wrong is a matter of judgement, but the way this figure is arrived at will have been reviewed by the auditors for correctness of calculation (not judgement which is management's ) before being filed.
The wording (deficit) is in brackets indicating that where a figure is stated in brackets it is a deficit and where not then it is equity.
For Dec 2013 it was a deficit (or negative) & for Sept 2014 equity (or a surplus).
A better question about the figures relates to those for goodwill at $140.5m and for intangibles at $110.5m
The accuracy or otherwise of these figures which relate to the various acquisitions in 2014 will be a major determinant as to longer term value.
Back in free fall: why?
Sorry: silly question. Clocks changed over the weekend in UK so I was looking at AH quotes.
Why is the bid:ask gap so large?
Earlier was in fractions of a cent but just now the bid was $0.909 and the ask $1.02
They could try showing that they believe in the prospects by buying shares at what ought to be a bargain basement price. Unless they don't believe.
Does anyone know what the reference to "sharing the cash as at 30 September" is or where this part of the "announcement" can be found?
http://tinyurl.com/kf3buvc
CFO Peter Kiess buys 3,960 shares @$10.10 for $40k yesterday.
Nice to see consistent insider purchases & no insider sales
We have seen short term volatility in the PPS but the prospects for longs remain excellent.
Nice find. Not sure about Dr Kim's comment about a 9 month fast-track FDA approval process. If Ebola takes hold enough to need this then 9 months would be too long.
Well I never knew about the fermentation story. Home brew INO - wow!
Seems more like AMRN shares are like having Ebola: no one wants to come near you!
Try this SA article from earlier this year which provides a good factual summary.
http://tinyurl.com/kfk9k6g
The main events since then have been
1. R/S of the shares 1:4
2. Hostile articles by AF at TheStreet considered by many to be efforts at price manipulation (& if so were successful)
3. Significant insider share purchases by Dr Kim and other execs: no sales
4. Strong results from Phase II for Invovio's VGX-3100 cervical dysplasia treatment coupled with SynCon electroporation.
As with all smallish bio companies it is all a case of how you see it.
INO has substantial cash balances & no debt. It has a pipeline of vaccines under development & test. It has a patented delivery programme in SynCon. It has good endorsement from its partnership with Roche.
Longs see it as a steady path to a multi billion $ company under strong management.
The inevitable doubters see it as a hyped retail share.
And traders & flippers see the frequent price volatility as a way to make money.
In the meantime under Dr Kim the business works forward & institutional holdings slowly increase. IMO these will lead to good news for longs. Let's see if the change to the listing to NASDAQ helps the PPS.
But as cracity says you really need to do your own DD.
The page shows "last update 1 July 2014"
Incredible that they make no mention of the whole FDA shenanigans nor projections for the outcome of the appeals while recommending AMRN as a buy on fundamentals!
Of course if either the PPS recovers to above $8 or there is a BO at (or above) that level then the only harm was to the people who sold out in between, which is their fault got losing their nerve.
So surely an approval (and/or possible BO) gets FDA off the hook for liability?
Their interest is supposed to be long-term after all
Also Dr Sardesai (COO) bought 2550 at $8.70 at the same time. Not the same scale as Dr Kim but clearly a sign that management believe that was the bottom.
Great that they both made over 10% on the day.
Onwards & upwards.
Good find (& a useful website).
Shows that Dr Kim doesn't buy the rubbish that TheStreet puts out.
Has improved the AH. Will be interesting to see what this does to the price tomorrow as this is no 2-bit purchase although doubtless they will say that he had to go something like this to protect his investment.
And with real money (not options) from someone who has never sold a share, unlike the case for most other companies.
I wish him all the best on this trade: I am certainly following.
And some of the headless chickens seem to have got ahead of the rest.
The sell-off started in the first hour yet TheStreet published after lunch.
All in a normal day's trading.
So TheStreet publishes a new report rating INO as a sell. Yet another hatchet job.
Main reasons given are
1. INO share price has risen over the past year (is that a reason to sell?)
2. EPS has improved and should continue to grow (is that a reason to sell?)
3. Net operating cash-flow for Q2 has declined to -$5.56m compared to 2013 (the 10-Q says 6 month net operating cash-flow of -$13.7m vs -$10.6m which is what you would expect given the development stage of INO - no mention by TheStreet of the improvement in cash from $52.7m at 12/13 to $109m at 6/14. Is this a reason to sell?)
4. They say the return on equity has slightly decreased quarter on quarter (and this is meaningful for a company at this pace of change and a reason to sell?)
5. They say that net income has under performed compared to S&P500 and biotech sector (net loss for INO was $10.87m for Q2/13 and $10.71m for Q2/14. Is this a reason to sell)
All this shows me is that TheStreet writes and the market reacts. Headless chickens come to mind.
Oversold.
Thin market & plenty of short selling into a market with no buyers. Volume so far today appears to be 5% of the shares in issue! This is the problem when there is low institutional holding. Many retail holders jump ship on the basis that the pain of seeing past gains evaporate is too great. Not helped by the R/S which magnifies the PPS drop 4-fold.
Nothing has changed to the fundamentals for INO: good VGX-3100 results & sound financials.
Come the fall this will all look like a bad dream.
Choices are (1) walk-away; (2) hold & shut your eyes; (3) see this as a buying opportunity.
Remember that $9.00 = $2.25 in old money which is where Dr Kim bought in to stop the last panic drop.
Joined you in buying at $8.90
(Just wish I had sold on the 3100 results!!)
Q2 revenue of $3.8m beats by $2m
Q2 EPS of -$0.19 in line
PPS drops again.
What is going on with INO???
Sure are heading back! But at least now we know why the R/S was done.
An interesting article last month from someone who (in the conclusion) correctly called the PPS to go down after positive VGX-3100 results. Could the weakness of the share price be in part due to the high volumes of the August call options and a thin market anyway?
http://tinyurl.com/ltcbpgo
We have been waiting for some good news but surely they can do better than this?!
http://tinyurl.com/mabm8fz
Don't want to be or to seem negative but we are certainly heading towards a bottom. People don't normally jump out of a plane without a parachute if there is any better prospect. I just hope this free-fall stops before we hit the ground.
Another stunning day for INO (I don't think!) At the current rate of PPS slide by close on Friday Dr Kim's statement if confidence by buying at $2.25 (pre R/S) will be looking marginal. While management can't be expected to make up news that isn't there, they must create investor confidence in price stability & growth. If sellers are confident that the PPS will fall (as now), then why not play the game and make a few $$? Looking at the performance since the VGX news I find myself wishing I had sold my holding and sold the same again short so I could buy back now. The only way to change this sort of behaviour is by creating an investor base who are there for the long term and who absorb the shares sold whether real or short. Retail longs (I have been here since .75 pre R/S) are good but institutions are needed. They will only come in if there is good news and a stable or growing share price. It's way easier to climb from halfway up the mountain than by sliding back to the bottom.
It's really sad when I feel happy at being 4% down on the day when compared to having been 7% down earlier. INO longs deserve better
The market will only buy validation as evidenced by further partnership or milestone payments. Instead they/we got an increased shelf filing. This is a great company with a great pipeline & Dr Kim is whispering quietly in the corner. No wonder the PPS heads south for now.
Without news this is unfortunately heading one direction only. Hopefully short-term but such a shame that INO doesn't manage it's loyal investor base better.
That would be nice. The share price performance is not kind to longs and only encourages profit-taking at the earliest opportunity. When will they get over this trend and get a decent institutional backing with stability to the PPS?
Probably both. Look at the volume. 30m shares in pre R/S numbers. That's over half the float
Trouble is that when you drop 3% like today a rise of 3% doesn't get you back where you started! So the %age gains when P2 results come out will hopefully be even more dramatic than the slide of the past few weeks.
Is the PPS down because the market expects unsatisfactory P2 results. Or as volume is so low it is just a case of some longs reducing exposure against such an event & nobody buying?
What is going on with that 3.5 million shares put through at the close? Almost half the day's volume and took the steam out of the rise.
Explains the rise today. But how does he equate his $6 price target as before the RS to $18 after it? Surely at 4:1 it should have been $24 unless he is downgrading his target.