Maybe this can help. When I was buying into CCP must have been around 2010 and it wasn't considered to be flash. I would buy and then 3 trading days later it would drop by what was a very large percentage and then slowly climb back. I made me really doubt my thesis. I was not sure what was going on but I always noted an uptick in trading volume and developed a theory (and its only a theory) that this share is far more sensitive to volume pressure than most. Many companies network institutional shareholders so that if one phones wanting to sell they can often find a home for those among their supporters. That's how you can see large cross overs. I haven't been watching as the share price increase has put this one firmly in the overweight basket.
However the stats show that the average volume is around 148,000 per day the day before the drop the volume was 185,000 and on the day it was 468,000.
I asked a broker and he had no answers other than to suggest it had a narrow audience. I didn't ask more. I do know that an analyst I respect has told me he likes the stock but wont invest because he believes they can massage their results too easily and that it all depends on the PDL purchases and prices paid. The company has 6900 odd shareholders and 24 above 100000. I would expect it to be like my other stocks but the volatility seems more than I would expect.
PS: A fundamental investment company also has their valuation as $21.66 so all seem to agree with those here that its in the $22 to $24 range. I personally only have a gut feel for that as this one seems too easy to model and that makes me uncomfortable. Every other model has adjustments and only this one hasn't. Its been a great investment to date.
CCP Price at posting:
$20.51 Sentiment: None Disclosure: Held
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