Price Rise, page-21

Thks Surges - my guess is TN meant no offense.

I'm really not sure - over the past year I have come across quite a few boutique fundies and HNW (or heard about them) who had, somewhat surprisingly, kept a watch on PYC for many years. It seemed many thought it had amazing potential that was never fulfilled. It could be any or all of them. The timing was pretty much straight after the Genetech announcement so maybe that was the trigger but to be honest I was doing most of the buying then and after that others showed up.

I guess the other timing is around the JPM conference with much more scientific data released to that community so that muddies the water somewhat - maybe both? I have also speculated that when you do a search for a CEO you can play domestically or offshore - if its offshore maybe word is getting round through those channels and then there is the govt bioscience money - if JCC was involved I am assuming he would have to disclose but 2 other funds got money as well. I'd be surprised if TB is not out telling his mates to get onboard as well.

I have long thought it was (and still is) grossly undervalued and we seemed to get used to that state but now there is a vacuum of sellers after a few major holders kept buying for a year or so.

5 MTAs out, data pack within 6 months, $8m in the bank or on its way and maybe this year they will do the CancerresearchUK grant application - there are just too many good things happening this year so I guess it is repricing accordingly.

Akki - I agree that very few big pharma are bothering with equity but would try to incorporate it into a deal if they were interested. Mostly it seems they just buy the specific tech they want out of the company rather than do a T/O.

Hopefully we sit 3.5/4.5c for a while - the trajectory is giving me a nosebleed but I do think it has only just begun. Between 5-10c is probably a fair level IMHO in the absence of specific news - if something meaningful is announced then who knows but after a speeding ticket we have to presume there is nothing imminent - but that could mean days or a couple of weeks.

I'll switch to hold as sentiment temporarily but I think it is still going to be a buy for a while.