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Tuesday, March 26, 2024 12:04:05 AM
What disturbs me is the fact that IMGN finally had a wholly owned approved product and each quarter sales were growing.
I totally agree with you. ARNA's drug had not received approval but it was months away and FDA approval, based on prior trials, seemed inevitable to me and that is exactly what happened not too long after the acquisition. The reality is when an acquirer comes to the target BOD and offers a no risk offer double the current stock price, it's almost always going to be game over. The acquiring companies know that so they just lay in wait until the market almost guarantees their success. My main biotech investment, other than AVXL, is in SAVA. SAVA is only six months away from completing a large AD Phase III trial and has demonstrated two years' disease stabilization in mild AD patients--unheard of results (with the caveat that much of the Phase II data was not blinded). Over 90% of the Phase III patients in two large ongoing trials have rolled over into OLE programs after completing treatment. But SAVA's capitalization is a measly $852 million due to various controversial developments I don't need to repeat for purposes of this post. Shorts have made a fortune on the stock and their obvious gameplan is to continue to suppress the stock price hoping that the first Phase III trial fails. That's how this high risk sector works.
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