Nice breakout move yesterday for SUPG (up a little over 17% to close at 23 1/8, new intra-day all-time high of 23 1/4). For an outfit that seems to be in a struggle for greater respect/recognition, this has to go down as a good week (in the past, I recall hearing regular criticism along the lines of "just a mom and pop outfit", "sonny boy is the sales manager", "no analyst coverage", etc.).
Big news yesterday, of course, was initiation of some sorely needed analyst coverage from a decent, recognizable name (Bank of America Securities, started with a "buy"):
biz.yahoo.com
IMO, the news from a couple of days ago was important as well on the image front - $16.6M private placement to a big-name mutual fund outfit (although I haven't yet seen the terms of the placement, the fact that it was American Funds/Capital Research should be a nice image boost for Supergen).
biz.yahoo.com
For those interested in the SUPGW warrants... we've closed over 18 for the last 14 trading days. I understand that if we close over 18 each of the next 6 trading days (thru next Friday), Supergen can call the warrants and get a nice cash infusion.
Of course, a big remaining image hurdle is gaining a marketing partner for Rubitecan - so these cash infusions are timely if they end up providing Supergen with a better bargaining position in such negotiations...
GJ |
