If you see another $50 million earmarked for a further buyback, my hunch is it will be less to do with the interim share price and more to do with the endgame ie takeover.
This buyback is pretty aggressive imo, and it's got me thinking about the intent. Is it concerned with raising the share price to better position the company for takeover discussions, or is it more to do with decreasing SOI for a better return per shareholder once said takeover rolls around? I know from their announcement that the sp was a factor in their deliberations, but is it a smokescreen for something else?
$50 million is not small change, and certainly not $100 million if that eventuates. Given there's upcoming undisclosed indications which will require Phase 2 trials and also a possible second Phase 3 trial, I think another buyback would signal the endgame for me.
NEU Price at posting:
$13.30 Sentiment: Buy Disclosure: Held
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