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A biopharmaceutical company with a portfolio of clinical stage and pre-clinical product candidates using monoclonal antibodies for the treatment of cancer and viral diseases.
Of course, I have to bring my red thumb back to Peregrine on this run. I really don't have any choice. Even if I go down 100 or 200 or 1000 points as management constructs new Potemkin villages for goggle-eyed Catherines, I have to throw down against this type of biopharma misbehavior. What kind of people buy stocks where management has proven themselves completely untrustworthy, and 80% of your investment could vanish overnight without the slightest warning? I thought Vegas casinos stayed open 24 hours. Can't you just take your game there?It doesn't seem to me that a little bit of synthesized upward momentum is worth the risk. The skeptics have already been proven correct once, and I have little doubt that bavituximab will eventually wind up in the dustbin of biopharma history. The only question is how much chicanery we'll have to endure before that happens. Peregrine can't keep the lights on forever - I'd like to see them wangle another debt financing after what happened with the last one. That means more and more ATM financings, more dilution, and more reverse splits if they're determined to keep their charade going a la Cell Therapeutics.
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