Re: ENMD -- X-Man, good observation. Let me posit a guess why there has been no run-up.
First off, from the S-1 I notice that ENMD is a DH Blair stock-- those fine folks who did the PLSIA pump and dump and were sanctioned by the SEC. In fact, it looks like DH Blair owns around 10% of ENMD.
SEC filing:
sec.gov
Second, if we look at the chart in last November, prior to the publication in Nature of the spectacular results of the cancer inhibitor, the stock had tanked from 18 (at the IPO in 1/97) to 7, before rebounding with a vengeance to 15 by the end of November. This, to me, is quite fishy. Since it takes time for stuff to get published, my guess is Blair had prior knowledge of the article and made a killing.
Chart:
tscn.com
Third, the publicity from the 3/31 press release probably made it difficult to tank the stock again. However, the fact they probably have tons more shares they need to unload means it is probably good to be at this level so they can gap up the price at the open and make a killing on what I think will be a buying frenzy.
Lastly, given the way Blair operates, I predict an open of 15 and a high of at least to 18 and perhaps even 20 for a brief time -- with Blair selling all the way up -- followed by Blair shorting it back down.
- Jeff |
