LOL - I originally had in my post that I don't know who the buyer is but took it out - no it's not me - only thing I have in is an old bid at 3.6c for 500k.
I was referring to previous occasions where you define much of the larger bidding as a prop eg -
I know that a number of larger holders were approached at the time for this 10m purchase and declined and the buyer then tried on market but subsequently ended up buying at better levels.
I also found out after the fact who this was and it too was someone genuine who ended up splitting it up but failed to get any as the SP moved higher.
Typically a stock with this many shares on issue has sellers looking for liquidity so as a strategy putting a large bid out is not as silly as it has looked in hindsight - it's just that in this stock the major holders haven't been very interested in selling.
There are definitely interested parties at times - I sold 10m last year that was crossed on market which was the result of an approach by a broker - unfortunately I was being too smart for my own good thinking I would get them back at lower levels but it continued on for a while before finally pulling back.
I agree JPM itself is a fringe issue but last year the profile of PYC seemed to lift from the Genetech payment and it will be a great time to follow through the leads generated from BIO in Nov with the new management team so I am looking forward to hearing how things went after that. The difference this year is I assume they are going to being going round telling people about 6 pieces of data coming in the next 6 months where in the past I believe they were more talking about what they had done in the past 12 months.
We shall wait and see.
PYC Price at posting:
4.0¢ Sentiment: Buy Disclosure: Held
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