Fabius,
I think that is a myth. While there are many institutions that have basic investment criteria as you describe, there are many that do not have the same limitations. Much of the myth comes from the criteria of large mutual funds. There are many specialized funds and hedgies that would buy a penny stock if the expected gains here are in play.
There are also a number of institutionals that do not have AUM high enough to require disclosure of holdings. For all we know there could be a few small institutions that hold a % of IPCI. We just don't know. An example is I could run a $50 million specialty hedge fund and own 4.9% of IPCI ..... you'd never know. Even today a position like that would only require an investment of ~$2.8 million. That is not a large investment in today's world.
IPCI has done the tour of a couple of the small and microcap investor conferences during the past year however my experience with them is they produce very little effect or institutional interest. IMO mgmt is rather poor at explaining why you need to own this stock and leaves out pieces of information. Just like you must lead a horse to water, so must mgmt lead investors ......
Della Penna should be calling the analysts that follow EGLT and COLL ....... and talking their ear off as to why their clients need to be looking at IPCI. =)
IPCI - Brean Capital, Mackie Research. Really ? For a company that may have "best in class" product candidate about to file NDA?
COLL - JANNEY MONT., JEFFERIES & CO., PIPER JAFFRAY, WILLIAM BLAIR
EGLT - CANTOR FITZGERALD, JANNEY MONT., STIFEL NICOLAUS
Big difference. And yes some of that is due to size. Those two companies probably did some business with those firms in the past too (I haven't looked). I KNOW William Blair and Jeffries work with companies in the microcap space. But they usually wanna do IB work too. I have experience with PPs for microcap companies with both over the years.
IMO, the recent move northward is reminiscent of an institutional trader. Clearly there are some techies that have picked up the scent on IPCI, but if you watch the action, bidding has been sustained over several days now. Not typical of retail action. Bids with size are continually refreshed. The techies will hit their marks and sell out when the technicals say so ..... the institutional trader will stick to his plan and allocated dollars and time to hit his number.
Amigo Mike
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