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.
ACR Price at posting:
75.5¢ Sentiment: LT Buy Disclosure: Held
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