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Robert, George, etc.: I'm having difficulty buying the "year end tax selling" explanation for XOMA's recent price action. If you look back over the past five years, not once did December mark the year-end low. More frequently than not, it was February. So why all of a sudden are XOMA holders worrying over capital gains offsets? I think it's the lack of new money buyers owing to general market conditions and the Asian sniffles -- on top of our chronic problems of no investor funds to speak of, few analysts following us, no real income, and the continuing hangover from the '80s "spesis wars", as I saw someone with a long memory recollecting on another SI board recently. What this leads me to conclude is the obvious: nothing much good of a sustained nature will happen to XOMA until and unless a P3 trial establishes an unqualified success. I don't mean to be negative -- not at all, since I am very long and still cautiously optimistic about ultimate success -- but to suggest more patience is needed with this stock than with most others. The road we're traveling is too dark and slippery, the previous driver lost his way for too long, and with no significant funds or analysts helping to navigate we have to map our own course as we go along. |
