I agree that the news yesterday was very positive, but it was delivered in a way that didn’t excite the market.
The formatting of the announcement is regemented without the key message being in the first passage.
The FDA may watch clossly at the way discovery drug companies report progress to their shareholders … and PYC may have been advised to not get as racy as our WA mining promoters announcing a new gold discovery.
The market action also indicated that there are still a few ‘day traders’ in the stock who instinctively sell on any announcement (on the assumption there will be no other news for weeks). PYC is now seeing less short term traders as shareholders, but there are still a few out there.
I suspect there may be more news coming soon with the investor deck for Wilson’s conference, some news on the ODOA drug and we must be due something before Christmas on the planned kidney trials.
Australian institutions grossly underweight this $billion company, so don’t be surprised to see volumes building if there are sellers around.
PYC Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
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