calling the gurus, page-2

Chart looks great but it's also looked like someone has been trying to dress it up watching the trading each day notable orders that appear near the top of the stack but come and go & rarely actually get hit - they fill often three lines in the buy side with same structure probably more and of course some may indeed be genuine but they often appear and are pulled same time - 345K's, 625K's usually one in each line and often put towards asking price pre-open then pulling & 100K's the later often coming in 6-8 orders stacked. The plus side is people have been holding tight with the rise of over 100% in a matter of weeks on the 2/1 rights issue & only accounting for 7% of the total registry changing hands. I think everyone is more or less determined to see the Janssen outcome from here it really is an outcome that defines the path forward.





The way I see it 3 outcomes.


1. Janssen moves to license = happy happy ?
- possibly expand collaboration to a few more of the targets & receives (hopefully) a decent sized licensing payment.

- PYC retains it's last partner and good chance of seeing more come through (although they still take years to get to value point if nothing significant up-front).

2. Janssen extends collaboration with small milestone 4-5 figures & possibly further research funding = impartial we've seen it many times, partner not yet convinced but having a further look.

3. Janssen "successfully completes work" again seen before but successfully completing work doesn't necessarily mean they are taking it any further = PYC back to in-house research punting on its laureals with a few projects & external collaborations, 4 big pharma deals a year ago with none (Roche/Pfizer/AstraZeneca/ -- Janssen?) having elected to proceed further on candidates = tougher march forward.


Let's hope for #1