|
After listening to the conference call, I was very unimpressed with Gury's cautious statements and the delays in getting approval for the new HBIG formulation. In prior confernce calls, he had said that they would file for approval in Spring 1997 and receive approval a few months later. Now it seems that he is hoping to file for approval later in 1997 and probably not get approval until 1998. I still have not heard a good explanation for the delay. He also said the next quarter should be flat, which means we should not expect a significant move up until late 1997 or 1998. Ever since they hosted the investor conference, this stock has fallen like a rock. Needless to say, NABI has been a disappointment. I also recently reviewed a Vicker's report on NABI, which showed that several insiders bought around 6 but that the number of shares they bought, which totalled a few thousand collectively, was insignificant. Unlike other companies which have seen significant insider buying (e.g. RAYS), NABI insiders have yet to demonstrate real confidence in their company even at these depressed share levels. Although I would not sell at 5 11/16, I don't see a return to 9-10 for a while. IMHO, Gury and Fernandez have proven quite inept in recent months. Of course, the good news (if there's any), is that NABI will probably fall very little in a general market downturn. The only play I see in NABI at present is to day-trade in the mid-5s to high 5s. Aside from short-term trades, this stock is a dud and wil probably remain a dud until October-November at least. |
