Ayala Pharmaceuticals Inc (ADXS)

[jckrdu]

Tj - IMO, getting past the FDA hold is the key. The pps direction and volume after the hold was announced supports that view; pps was at $2.25 and trending up when the hold was announced. After the hold, the stock lost 30% (to $1.51) and has been struggling to move up on lower volume. Not many sellers, but not many new buyers until the hold is lifted and the market has clarity.

Recent trend up on lower volume is - IMO - from some who are concluding that after 2 months - with no other announcements of other impacted trials - that the impact will indeed be limited to the Astra trial. Still, a large part of the value of the LM platform is with combo-therapies. IMO, market needs to see the FDA definitively weigh-in with their view of LM in combo with Astra, with confirmation that the overall LM/combo value proposition is still intact.

I hope ADXS refrains from announcing other news (to the extent possible) until the hold is lifted, because IMO any positive pps move on other news will be muted until the market has clarity on the path forward after the hold.