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Biotech / Medical : Biotech & Pharma.T.A, -- Ignore unavailable to you. Want to Upgrade?

To: Mike McFarland who wrote (669)	1/21/2005 12:16:19 PM
From: Jibacoa	Read Replies (2) \| Respond to of 3722

Mike: GLGC seems to be close to its recent support level, but the DOW and the NAZ are still vulnerable and that could affect a lot of other parameters.<g> When GLGC dipped to the $3.15 level on Aug.8 there was some insider's buying and the stock rallied to $3.98 on Sep.20 but the stock was not able to trade above $3.95 for the next 3 days and it started on a downtrend to its Nov.12 L of $3.21. There was no further insiders buying that I am aware of, and the two rally attempts since then were stopped at $3.74 on Dec.9 and $3.75 on Dec.30 Yesterday's L o $3.22 was a penny above the Nov.12 L <g> The nearest resistance is now at the $3.47 to $3.50 level (That is before it can try to test the aforementioned intra-day Hs of $3.75 & $3.98)(On a close above $4 it could get to test its July H at $4.10 <g>) bigcharts.marketwatch.com The revenues on the last 2Qs have been 4% lower compared to previous year and higher loss for the 3Qs. I don't know how accurate is the estimated loss of $0.68 for 2004 since the 9 month loss is already $0.78. (In 2003 the last Q loss was $0.16) I also didn't understand well their deal with AFFX for 2005. They said that "the annual subscription fee" was reduced from $4.0M to $0.5M, but they agreed to purchase from AFFX a "minimum of $9.5M" of probe arrays, reagents, instrumentation or services.( That means $3.5M lower fee, but how much they purchased from AFFX in 2004 ?. Was that less than $9.5M ?) At any rate, GLGC reportedly has some $105M in cash (about $3.35/share) and a Debt/Equity ratio of 0.006 so it can keep burning some cash for a while longer.<g> Long term chart remains interesting.<g> bigcharts.marketwatch.com Bernard