John/All: I said I would never sell this stock, but when I discovered via the Internet that the company had filed a SEC shelf registration of up to 9 million shares as of August 12, ALL the shares of which were coming from selling shareholders (not a cent of the proceeds go to the company), I decided I have been wrong about PRCT, bit the bullet and sold. I then called my favorite analyst and told her of the shelf SEC registration (she was unaware of it!) and asked her to give me a reading if were worthwhile to get back in later at lower prices.
I should preface this by saying my favorite biotech analyst's latest comments had earlier turned decidedly negative. When I recently asked her if I should buy more at these lower prices, she said "No." And when I asked her if I should hold it, she paused for a long time before saying "Yes." Her rationale was disappointment in the performance of the stock, its not being able to rally off its recent correction lows. And then a few days later I discovered the shelf registration while reading the company's latest SEC filings!
Sorry if anyone reading my remarks here bought the stock, but if you own it remember "discretion is the better part of valor." With the money liquidated here there are plenty of other beaten down techs with better fundamental stories. Cognex, Silicon Graphics, Winstar, Duratec, Sequus Pharm, Somatix Therapy, Cambridge Neuroscience -- just to name several that come to mind that have potential LARGE EVENTUAL upside moves in their future, and are selling at a fraction of their earlier values....
John_B_Anderson@prodigy.com |
