Rocky,
I think ADPT is a fine company, and it is certainly true that they have managed to retain profitability (so far) through this tough period. From an investment perspective, however, I am concerned about stock price behavior.
Someone pointed out the favorable year to year comparisons, but the reality is that most of the good stuff happened in Q1 and Q2 of last fiscal year, with the final two quarters being very difficult. So the current trends are obviously not favorable. The problem right now, as I see it, is that estimates for F99 are likely to come down, which creates quite a headwind for stock price appreciation in the short term.
I don't think it can be fairly said that they are "growing faster than a weed" at this point, and their cash position is essentially committed to the Symbios acquisition, although the CC indicated that they were lining up bank financing for 450mm of the purchase price.
I too would not hesitate to accumulate if the stock gets "real cheap," and I wouldn't really be worried about the shares if I were looking out 3-5 years. But I see no compelling reason to jump back in here at this time because I don't like the short term reward/risk profile.
jg
|
