So this topped the leaderboard for comments- which understandably brought it to my attention.
Now I'm an ex-holder, but have a lot of respect for the company and if you dig back through ancient history you'll find I was a big fan of 2591. So this post is not meant as a troll in any way.
Now I understand the argument that if a stock is notably undervalued, and the company has the cash, buy backs are good.
But I would have though that, given that NEU is looking to take 2591 to Ph III for several indications, that an extra $50m in the bank could be quite useful. I have to admit to having been slightly confounded by the decision when I saw it. I'd note that, given the market cap is way over $1b, pulling $50m worth of shares off the register isn't that much of a dent.
I realise the company has ~$200m cash in the bank- well done them- but my gut reaction would have been to hold back until they'd gotten 2591 licenced. My understanding is that the company is still somewhat inderdependent with Acadia so I would have held back until the company either had independent income or at least had diversified its co-dependencies.
If I'm missing something, happy to learn what that is.
NEU Price at posting:
$12.59 Sentiment: None Disclosure: Not Held
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