Thread: It is instructive to take a look at KERA and the approval process for their ring implant for myopia. It offers us a window to see what may be in store for SNRS share price as we move toward the FDA's Ophthalmic Device Advisory Panel meeting for LTK.
On YAHOO, print out a big 3 month chart on KERA share price. Note that on Mon, Nov 16 and Tues, Nov 17 the share price was moving between 7 3/8 and 7 3/4 (got the actual hi/lo from another web site). Share volume varied between 196K on Mon and 161K on Tues. Tues after market close, KERA announced they were on the agenda of the Ophthalmic Device Panel for the Jan 12 meeting. The next day, share price moved up to a 8 9/16 high on the same volume as Mon, 196K.
Now we see a slow progress in price up to Nov 24 high of 9 7/16. The next day, two days before Thanksgiving, KERA announces that it has been included in an article on the vision care industry in the December issue of Buyside, a magazine for institutional investors. I don't know the date Buyside actually hit the street but on the day after Thanksgiving, the high was 12 1/8, still on average volume. On Nov 30 though, the share price hit 12 5/8 on 2X to 3X average volume (Dec issue of Buyside probably hit the street).
Since then, KERA volume has been low while the price has held and climbed slowly. Yesterday we saw a high of 14 3/4. And the panel meeting is a week away.
Now how does this relate to SNRS. Both companies have a product to correct vision, one myopia and the other hyperopia. After looking at KERA, it would be foolish to think that being placed on the Advisory Panel meeting's agenda is not a substantive news event. Their share price has climbed from 7 3/4 to 14 3/4. It will be interesting to see how much of KERA's share price already reflects a positive Panel meeting recommendation for approval.
I am hoping that SNRS is placed on the Mar 11/12 Panel meeting agenda. Notice of the meeting topics are announced by FDA approximately 2 months prior to the meeting date. Hence we will know around mid-month if we make the Mar meeting. I have talked with people at Sunrise and they don't know. One told me that there may not have been enough time from the completion of the submission to make the Mar meeting. If they don't make that meeting, the next will be May 3/4.
Looks like we are going to see a nice close today. Good fortune to all.
Joe |
