Post by luxetvox on Jan 10, 2024 13:47:45 GMT
As noted herein, Ascendis has started 2024 with a bang. A fastball-down-the-middle PR for investors on 1/7, outlining in very great detail where the company is and where it's headed. The next day, they became the batter and hit their own fastball out of the park with their presentation at JPM. Which was worth an 8+% move in the stock in one day. TD Cowen today raised the price target to $156 from $133. They issued converts in 3/2022, wisely raising $575 million, enough money to execute their clinical trials. While the stock was off the highs of the prior year, it was still 85% above the prices of a few years before. So they took advantage of it and raised a ton of money, at a 2.25% coupon rate. The stock was ~$120 at issuance. The bonds are trading above par with the recent move in the stock, up 20 points to ~$108 in the last few months.
A certain member over the past year has repeatedly nudged me, goading me to bet where the stock prices ASND would be vs OPK by such and such a date. I never took the bait, given the foolishness of the proposition. But someone was dead wrong about the prospects for Opko's price. Which shows you that willy nilly pronouncements and predictions of 'value' and future performance and/or prices are, well, worth about the amount of poop one could buy with Opko's current stock price.
If Opko management does not announce, either today at JPM or sometime in this quarter, some corporate action or series of corporate actions that would explain the inexplicable recent issuance, which resulted in another staggering reduction in shareholder value, then I fear that the stock will languish for quite some time. The capital structure has taken another direct hit, courtesy of Phil the Demo King, and the prospects for profits continue to disappear over the horizon with every quarterly call.
A certain member over the past year has repeatedly nudged me, goading me to bet where the stock prices ASND would be vs OPK by such and such a date. I never took the bait, given the foolishness of the proposition. But someone was dead wrong about the prospects for Opko's price. Which shows you that willy nilly pronouncements and predictions of 'value' and future performance and/or prices are, well, worth about the amount of poop one could buy with Opko's current stock price.
If Opko management does not announce, either today at JPM or sometime in this quarter, some corporate action or series of corporate actions that would explain the inexplicable recent issuance, which resulted in another staggering reduction in shareholder value, then I fear that the stock will languish for quite some time. The capital structure has taken another direct hit, courtesy of Phil the Demo King, and the prospects for profits continue to disappear over the horizon with every quarterly call.
