Ever since the TH concerning the second ocular program the price was taken down from 19 cents and eventually traded at a controlled target zone between 13 and 15 cents later for months.
Compare the date of that trading halt, 8th of June :
First off market tranche of 20 mil to teh unnamed entity was on the 15th of June, directly a week after the news.
When trading halt was lifted on the 8th, instantly large sell orders were placed at 19 and 20 cents, instantly capping the price.
The cap has never been lifted until now.
It all appears that a beaten down share price in a tight trading range was not only
in place for the several biotech and development partner presentations in the US but also in line with the now revealed off market sales of 63 mil. shares.
One can assume that quite of few of those share swaps between 13 and 15 cents during the following 6 months went to the same entity, bringing the amount of shares well over 100 mil, in my opinion.
I had previously mentioned during the last months that clearly accumulation and price control algorithms were in place and I see today's news as confirmation of that observation.
What it tells us is that somebody is getting set prior to the CNS news, which have, according
to management, registered the most interest in the US.
According to our CEO at the recent AGM, a large OZ based health fund wants to position itself and retail interest in OZ will follow once that is revealed, which now should be around the corner.
The company attempts to capitalize on both markets, here in OZ and in the US.
The OZ health fund driving the price up, retailers added to the mix on ground breaking news, followed by new negotiations in the US from a much appreciated price level to have company closer valued to US standards of aroudnd 35 to 40 cents prior to clinical trials.
Anything less than that would mean our platform is not represented at all in a potentially upcoming deal in the US the coming year.
all IMO
PYC Price at posting:
13.5¢ Sentiment: Buy Disclosure: Held
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YC) - Ann: Second Drug Program Progressing Towards Human Trials, page-1 |
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