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Biotech / Medical : Cell Therapeutics (CTIC) -- Ignore unavailable to you. Want to Upgrade?

To: former_pgs who wrote (636)	3/18/2005 7:03:07 AM
From: IRWIN JAMES FRANKEL	Respond to of 946

>>Let us not forget that management wrote themselves some rather large and free lottery tickets after they combed through the blinded data. They're no angels, and it might be worth keeping that in mind while interpreting these insider transactions... especially when we have very little idea about the real data behind ST3. It would be reasonable to draw positive inferences from the option grant. In fact, those inferences are MUCH STRONGER. The grant/pricing of options is a much bigger component to CEO comp than other factors. It dwarfs open market purchases which are generally tiny. If you ever look at lists of insider buys and sells you will quickly see that the size of "sells" is usually one or two orders of magnitude greater than "buys". (Eg. See Value Line Selection & Opinion) As we know, those strong inferences became the basis for an argument to buy/own CTIC. The argument was reasonable, even compelling - but wrong. ij