I ask myself why on earth someone would want to short the hell out of this stock. The only sensible answer, to me, is to gain control and that means someone within the S-3 is working the short. I certainly don't think what is being done is legal but I don't claim to be a lawyer, like Shero does (proof of that would be his first bonafied claim). Whatever, we are being given a buying opportunity.
The market cap, considering conversions to cover the shorts, is probably about 31,000,000 X $1.00. As I said a few weeks ago Techniclone's portfolio of products can actually be broken down into five different companies; 1) NonHodgkins lymphoma 2) Solid tumors 3)Anti-angiogenesis 4) Enabling technology and 5) Diagnostics. This is highly subjective and anyone can fill in the blanks but here goes;
Category #1 is Idec and Coulter and gives an average market cap of $500 million. #2 includes Ligand, Medarex, Onyx, Imclone, and Matrix - call it an average of 170 million or just use Centocor at 2.8 billion. For door #3 use Entremed, Sugen and Imclone for 170 million or use British Biotech at X gazillion. #4 has Protein Design Labs, Liposome, Sequus and Nextran for an average 400 million. And finally #5 includes Neorex, Immunomedics and Neoprobe for about 155,000,000. Add the averages and it comes to 1,385,000,000. That's one billion three hundred and eighty-five million or 44 2/3 times TCLN's current market cap.
And that is why I think someone is trying to gain control. I hope they are forced to convert every share they have. |
