He spins. He does it a bit more than the typical biotech manager, but is pretty typical in other respects. In general, biotech managements portray optimism and this is natural. As an investor, you just have to be careful, reviewing results objectively and thoroughly. As you can see, many are not good investors. Some are atrocious and destined to losses.
Part of Missling's spinning is selective disclosure. This is where the company loses clinical credibility. Trial result top lines need to be complete, warts and all. Some data may not yet be available, but when results are conspicuously missing, that is, they surely have it but don't provide (eg, ADL mean change, pTau, S1 subgrouping, time graphs, etc), important concerns are raised.
Two year old unmet milestones hurt execution credibility. Missing milestones are a part of biotech, though it's becoming really glaring at Anavex.
It bears repeating that we'll hear more from the company in a month. But when a biotech is providing incomplete TLRs and badly missing milestones, the market is going to sell down. And this is what's been happening the last 2 years. It's unfortunate. The general bear market in biotech stocks adds to our sell down. Many investors have just gotten out.
Excellence TLR coming up. There are some reasons why I'm optimistic for it, in quality and efficacy signal. (Experience with the past isn't one of them :-) )
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