Hi Prestonian. Our superannuation system makes us an attractive place to float for some of these companies I gather. Now and then you hear of people considering their biotech investments as almost a charitable donation. Helps with patience I guess. Biotechs will go in and out of fashion fairly regularly but a few now seem to be getting close to a level of maturity where they have cash to complete what they want to achieve and are actually turning money away. When we see one of these do a big deal we will likely see more interest in the sector as people seek out 'the next Nanosonics' (replace NAN with whatever the next successful stock turns out to be). With capital raisings I am usually happy to trade the new shares if a good profit turns up. 30% is my benchmark. Sometimes it works out well, other times I should have held on. If the issue is poorly supported I'm in trouble. Trading the stock lets me go again, for the most part in small parcels.
I think our industry will always be seen as undervalued. A regular feature of presentations is the market cap of American comparables at a similar stage of development. The gap is usually huge and I don't believe it is shrinking. A lot of biotechs get played by US fundies and give them cheap stock for no ongoing benefit. They will have a presence on the registers of some biotechs but I imagine they struggle to see a catalyst for a market rerating like the rest of us. Hopefully DBX's phase 2 results will be such a catalyst. I don't think Kathy was forthcoming in why the US funds didn't proceed this time. They will likely continue to follow the company it seems so don't rule them out of the equation.
Thanks for the background on the company. Short of money to invest at the moment but I would like to buy some.
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