BUYBACK UPDATE 4/09/2024Bad day today to be a stock. However,...

BUYBACK UPDATE 4/09/2024

Bad day today to be a stock. However, Clinuvel showed strength into the close and outperformed the broader market. The buyers clearly aren't keen on letting this get too cheap, not after the recent numbers showed continued strong performance fundamentally. We also received confirmation this morning that the buyback boy is indeed back in the market ready to put that mountain of cash to good use!

In terms of the buyback, for today the maximum price was $15.82 and for tomorrow it increases further to $16.03. Importantly, today was the first day that they were not restricted on what price they could be at, and volumes were large enough to have allowed for a substantial buyback. Will be waiting with interest tomorrow morning for the buyback announcement. For tomorrow, the share price should also most likely remain below the max buyback price for most of the day (unless the buyers decide to push this above $16), so hopefully they continue to make the most of favourable buyback conditions.



Larger volumes today which was nice to see. Buyback and interest from those who liked what they saw in the recent annual report seems to be maintaining strong support above $15, which should provide a nice platform from which the bulls can push this higher above $16 (assuming they decide to return later in the week!). It is turbulent times like these when you are glad to hold a company with a strong balance sheet and consistent cash flow generation.