CUV 1.06% $21.55 clinuvel pharmaceuticals limited

leaks like a sieve

  1. 50 Posts.
    Interesting article from the ferret today about the inside trading going on with EpiTan leading up to the announcements. These leaks not only hurt the integrity of the company, but also hurt the short term price as all the people who bought in knowing the announcement was coming dump their shares as soon as the announcement is released. I have held EPT since the IPO and don't really care about short term movements, but I do care about the integrity of the company and hope that the people who are leaking all these details are dealt with (but i'm not naieve enough to believe that anything will ever be done to stop this sort of thing).

    Around the Traps ... with THE FERRET
    08:15, Wednesday, 29 October 2003

    Sydney - Wednesday - October 29: (RWE)
    **************************************

    There's been some rough-as-bags trading in EPITAN (EPT) - again!
    It's the second time this month and the third time in two
    months.
    The ASX ought to crack the whip - this company leaks like a
    sieve.
    Epitan's October 10 announcement of a meeting with the US FDA
    was preceded by a rise in the previous two trading sessions totalling
    11c, to 68c, on quadrupled turnovers of 2.3 million and 2 million
    shares.
    Two days later the price hit 87c before coming off the top and
    quietening down for a while.
    In the latest instance of "sus" trading Epitan rose 7c to 85c on
    Monday as turnover once again quadrupled to 2.2 million.
    Yesterday morning, before the start of trading, Epitan
    announced that the "outstanding results recorded in its recently
    completed Phase IIb 'sunburn injury' clinical trial represent a massive
    step forward in the drug's commercialisation progress".
    The shares shot up a further 6c to 91c.
    However, profit-takers moved in and beat the price down to 78c at the
    close, a loss for the day of 7c, as turnover trebled to almost 7
    million.
    Back on September 23 Epitan came from behind at 43c to close up
    8.5c at 55c.
    We naively surmised it simply may have been due to the fact that
    it had been a wildly fluctuating stock in the past.
    The real explanation came next day when Epitan announced a
    collaborative agreement with PSIVIDA (PSD) to develop a new liquid-based
    sustained-release formulation for melanotan.
    The shares rose a further 4c to 59c after the announcement.
    *****

 
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