Re: COR
Aiming: I finally got around to hearing the most recent COR CC. As you know, there was nothing really new, but I did detect a bit more hedging by Dr. Stoll than in the prior two CC’s. Whether this means anything is unclear.
On a more concrete level, I thought Dr. Stoll’s revelation that the sleep-dep trial will measure at least ten different efficacy parameters was more bearish than bullish for those expecting a big pop from these data. With so many metrics being taken, the most likely scenario would seem to be investor confusion about whether the results are positive or negative --and to what degree. This may make it hard for the stock to sustain a large upswing.
Moreover, there has been some slippage in the phase-2b timeline. On COR’s September 2004 CC, the guidance was that one or more phase-2b trials would start by mid-year; now, the guidance is that one phase-2b trial will start by the end of the year. That’s not a trivial change.
All told, I am comfortable with having sold at 2.50. I had originally intended merely to raise capital (for buying GTCB) with the expectation of buying back before the release of the sleep-dep data. Now, however, I think I will remain on the sidelines until I can get a look at the data. Regards, Dew
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