MNKD ($5.15) An example of insider buying that was definitely not a reason to purchase the stock. Insider buying or selling is not always the best indicator. Doing your DD on the company is. If you buy only on insiders buying shares then you could have been in a bad situation w/MNKD as the CEO was buying boatloads of shares directly on the open market. It drove up support in terms of investors & institutions as the stock was near $10 prior to their CRL letter. The key is doing your DD on the company & their products in the pipeline. I bought MNKD briefly for the catalyst & flip but was out 3 wks before the CRL. I did my DD and it was clearly too risky of a stock to play through their PDUFA.
Shares of this medical appliances & equipment company were acquired by 2 insiders:
CEO & Chairman Phillip Frost M.D. acquired 1,158,000 shares, paying $3.55 per share for a total amount of $4.11 million. Vice Chairman & CTO Jane Hsiao, Ph.D acquired 200,000 shares, paying $3.55 per share for a total amount of $710,000. This is the second week in a row that Opko Health has made our list. In a note I sent out to subscribers in October I mentioned,
"Dr. Frost has been nibbling on small quantities of Opko stock every few days since the start of this year. These purchases were done indirectly through Frost Gamma Investments Trust. This relatively young Miami based company that was founded in 2006 has several potential drugs in Phase II and Phase III trials. The company also develops medical devices, vaccines and ophthalmic imaging systems. Revenue at Opko has been rising over the last several quarters but the company is still unprofitable and at its current run rate could run out of cash in less than a year unless revenue ramps up significantly. The stock has been rising steadily throughout this year in lockstep with Dr. Frost's purchases.
The 73 year old Dr. Frost has had a distinguished career, serving as the CEO of IVAX Corporation from 1987 to 2006 before it was acquired by SINLetter portfolio holding Teva Pharmaceuticals (TEVA: 55.38, -0.32). He is currently the Vice-Chairman of Teva Pharmaceuticals (TEVA). He also serves on the boards of Northrop Grumman (NOC), Ladenburg Thalmann Financial Services (LTS) and Castle Brands amongst many others. I will definitely add OPK to my watch list for further research."
Mr. Frost's shares were acquired indirectly through Frost Gamma Investments Trust, of which Phillip Frost is the trustee. Ms. Jane's shares were acquired indirectly through Hsu Gamma Investment, L.P. Dr. Hsiao is the general partner of Hsu Gamma Investment.
PLX..$10.11 is moving strong today in a down market. Today's low was $9.80. Very impressed with the trading. I continue to see strength going into their Feb 25th PDUFA date. If there is a pullback I view it as a potential opportunity.
Message in reply to seller of PLX:
With PLX ($9.95) that seller could be a disgruntled shareholder as someone had reported that he has a history with TEVA & PLX. No one really knows, but what is important is that it does not affect the PDUFA date in front of the FDA or the company. We saw selling with AVNR in October by directors in the $3.00 range and investors were concerned as well. Many speculated it was because their pseudobulbar drug would not get approved. That was not the case and we got the approval of Nuedexta for Pseudobulbar Affect. I am confident with the DD on this company. We have done our homework here and know what we own! The company (PLX) and the technology are solid and they have a large partner in Pfizer that is solid. If the recent selling concerns investors, then they should not buy shares of the company or any biotech for that matter as selling shares is becoming more the norm than not. That big investor selling shares may want to divert some of his holdings into another holding. I will note that just recently Baillie Gifford & Co (Scottish partnership)took at 7.18% stake in the company. http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7354404
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