"The situation does point out our vulnerabilities in GTCB. The PPS action over the last eight days suggests to me someone is trying to hold the PPS down basically by selling into any buy orders."
I agree with you 100%. This is one of the dangers that could limit the future upside of GTCB, namely some sort of an arranged takeover by Genzyme or some other large biotech company. Clearly the capping at $1.2 is disturbing and seems to point in that direction. They keep the price from exploding for a long time and then come in with an offer of say $2 that shareholders will be glad to take. I have seen that scenario play out before with Imatron a few years back. At the time it was GE that was doing the dirty games and then they bought them out on the cheap...
Unfortunately, Genzyme has a nasty reputation and they are keeping it up. The close relation between GTCB-management and Genzyme is another aspect that would add to our fears being well founded. What can we do to protect ourselves against such a threat? I don't know.
I was an original investor in Genzyme and feel quite familiar with Henri Termeer. In the early 90's he spent half the annual meeting discussing GTC and its' future in addition to showing a 20 minute video before the meeting. It has been my feeling that he would wait until the use of transgenics is approved (Atryn)before he would act on bringing GTC back into the parent company. Genzyme divested itself of GTC in order to clean up their income statement to meet earnings projections.
My feeling is analyst Phil Nadeau of Cowen stopped following GTC because he knows there will be no further financing before Genzyme decides whether to take on GTC.
Genzyme did this with Biosurgery which was a tracking stock unlike GTC.
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