Nice movement today, David. I plugged in late and so I didn't see the buying that moved the bid up $.04. Later, some selling was absorbed at the 1/2 bid. It's not unusual to see the selling. This is a quiet management team, and there still are people in the stock who bought at prices much higher when the stock was on the National Market.
Last year, the stock started at $.2, hit $1.03, then settled at $.37 at year end. This year, it moved up to $.5, back to $.4, up to $.55, back to $.46, and then today's action. An up day and volume in the 400K range would be a nice sign.
Recently, I spoke to Kennedy Capital Management, and they bought 100K shares at around $.50. PMDX's first institution in a long time. Jerry Kennedy and I have been in other stocks in the past. KCM owns USDL, MRII, SCAN and maybe others. They're familiar with the industry dynamics. These are sharp operators. Typically, Kennedy buys first, then outfits like Oberweiss and Driehaus follow. Let's see if the pattern holds true this time. Kennedy also specializes in stocks that are underfollowed. The analyst there was impressed that Berger has been a buyer of his own stock. You would think 12.8M shares (he purchased Brennan's holdings) would be enough. Not so, evidently.
The Brennan mess knocked the stock off alot of screens. The settlement in 4/96 slipped by unnoticed. That sets the stage for the opportunity detailed in the first post. |
