On March 27th, EDGE closed at $15.59/share on volume of 199,800 shs
On March 28th, EDGE closed at $1.31/share on volume of 31,695,500 shs
In 4 trading sessions EDGE traded 52,833,100 shares representing nearly 2.5x this company's float.
What you are all witnessing is a complete blood transfusion
24.45% of EDGE is held by INSIDERS
49.58% of EDGE is, or shall I say "WAS" held by Institutional investors.
It's hard for me to rationalize that these institutions sold EDGE in the $2.03/share (post bad news high) down to .95/share (post bad news low), but they did. Smart Money does this? I think not.
$88,000,000 or the equivalent of $2.85/share in CASH remains, yet we are trading as if the company has completely gone out of business.
In my opinion, some very large institutions have been loading since March 28th and were happy to take these shares off the hands of Institutions and Retail that panic sold into the news that the EG-1962 program had been responsibly cancelled.
Lawsuits? Lawsuits citing what exactly?
In my opinion, EDGE is going to recover at least 50-100% from present levels, if only to trade more inline with it's cash on hand.
It's ridiculous that the shares are trading anywhere near $1/share based on any metric I can think of.
Edge will assess the next steps for the company, but anticipates in the near term reducing the scope of its operations, including the size of its workforce, in order to preserve its cash resources, which were $88.1 millionas of December 31, 2017.
It's first level of resistance would be at the lower Bollinger band ($1.11) and once through that, it should begin to recover nicely when investors regain their senses
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