Closing ENZ (Enzo) outperform
The justification for the recent rise seems to be improving revenues and narrower losses, but I don't see that much of a difference from the last two or three quarters. Revenues especially seem to be flat and certainly haven't cracked the 20M mark. After reporting in 12/07 that the phase II trial of Alequel was nearing completion, they most recently project that the trial will not be completed before the end of 2008. At best this represents poor management, at worst they know the data will be bad and they're planning a dilutive financing before the negative data tanks the share price.