yield, page-5

thanks for numbers mita.

ive picked up a small tranche this morning prior to reading your note.

typically funds sell prior to the removal from index - what we see today will be mainly retail people selling after damage is already done.

usually a good time to pick up a well priced bargain

fundamentally we're now getting into the zone to buy - where recurring earnings without payments make it an attractive pe stock. any milestone payment you can now just treat as nice but not required.

not many cashflowing biotechs on a 10x p/e multiple.

so its really just a case of whether theres much selling left in the base.

at these levels and any dividend not too far away for a new buyer, i;d be thinking the rot will stop in the 70s somewhere.

but management's effectiveness will determine whether its a long slog sideways or a v shaped recovery.