PSD shares have been smashed since their deal with Pfizer was announced some two months ago and is trading near 52 low levels. I thought the deal was positive and am surprise to the extent PSD has been discarded.
With the fall in the sp and the reasonable volume traded daily (most days over 1 million shares) I expected that substantial shareholders would be deserting the stock. I have collected Top 40 lists each week since 15 May which show that the number shares held in the Top 40 has increased significantly. Between 15 May and 22 June the changes are:
Top 40 from 75.88% (430.1 million shares) to 77.23 (437.8 million shares)
Top 20 from 71.83% (407.2 million shares) to 73.38 (416.0 million shares)
Top 10 from 65.41% (370.8 million shares) to 69.21 (392.3 million shares)
The above lists shows that some substantial shareholders are accumulating large amounts of stocks (12 million additional shares held in the Top 10) rather than actually deserting the ship. Normally I would take this accumulation as an indicator to buy or at least hold but I have been so wrong about this stock. With the price fall today and no real buyer support it could easily be testing 15 cents soon.
Is it time to let go of this stock or hold on in hope. Any thoughts please.
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