PGRX, the action here is pretty disturbing but still no filings of insider or institutional selling, and the strategic timing/takeouts of bids over the past two days seems more designed to depress the stock price than to distribute shares. The entire float has traded just since Jan 1, obviously all at prices above today's new all-time low, which indicates a general cluelessness not to mention easy manipulation. So everyone in the know appears to be holding or accumulating.
Have to believe management's self-inflicted wound would not have been allowed without a viable, superior, Plan B already in place. Taken together, the DD and documentation behind BlackRock, Apollo, Sichuan, the 2011 PEA, the 2012 43-101, and other independent events over the past year must have significantly de-risked the play without question. Worst-case BK scenario, Passport data supports PGRX assets comfortably exceeding current EV even if $2B China agreement proves a sham or falls through.
Only worry is Pres/CEO Avery dismissal/bail and PGRX rights to mineral resource. If the former can be explained and the latter remains intact then even a BK/buyout must command a significantly higher price for equity to satisfy noteholder and initial investors. Meanwhile ANY delay in progress threatens the signed $2B contract that benefits everyone involved. This is the type of trade where brass either makes you or sinks you.
