With about 15% of the outstanding shares trading today, it shows just how hated this company really is by the long-term stockholders. The story is a lot better if you take a look at what is going on today and forget about what has happened over the last 6 plus years.
I guess the LD Micro conference went well. New blood is a good thing.
Over 2 Million shares now. Start of heavy volume buying? Time will tell.
To all of the jaded and pessimistic board members, this is your proof that many of us still see the potential. As soon as the near term cash issue is resolved (whether by partnership, debt restructure, or capital raise), the downward pressure on this stock will disappear. Phase 3 results are imminent, and Sclerodec I results were phenomenal. Smart money plans to cash in, whether they fade the results or not. Bank on it.
Barda IDE approval is quite possible, but did anyone think it would be denied? It is a very big deal that IV injection of stem cells gets approved by the FDA because it opens the door to treat just about anything off label. Volume this high must be followed by some news. It can't really be just B Riley initiating coverage.
Very strange trading, especially for a Friday afternoon. I have no idea why over 4,000,000 shares traded in about 1 1/2 hours. Like Hedge stated the initial rush of trading brought in others who know no more than the 4 letters that make up the ticker symbol. Will be interesting to see what Monday brings.
A few people on other boards mentioned that CNBC business news accidentally confused CYTK and CYTX today. I suppose some of this volume could have come in from this accident. It would be completely fitting for us bag holders here!
CYTK also got coverage today (Cantor Fitzgerald) and they are being added to the Nasdaq biotech index...which came out right after the close. Did CNBC screw-up post close or during the day ? The CF report came out in the afternoon.
You can't make this stuff up. From what I read it was early afternoon when they highlighted a $21 PT for CYTK but referenced and displayed CYTX on the screen. Go figure, but who knows if this was causing the uptick and volume.
Hedrick probably slipped someone behind the scenes at CNBC a crisp $100 bill after reading about the Christmas card coming his way this year! Would be the cherry on top.
Turns out that my initial reaction about a trade error was accurate even though it turned out to be thousands of smaller trade errors working off bad information. Unbelieveable how so many trade with so little knowledge and due diligence. Similar to how they vote for President of the United States.
For those who ask why Athersys (ATHX) is trading so poorly given how well they have positioned themselves for the future, Friday's action gives you a partial answer. I'll put it diplomatically -- lack of due diligence and awareness. Basically the public is uninformed and easily susceptible to fake news, although in this Friday CYTX trading it was unintentional. Just a little DD and they could have uncovered the truth. Whether it's a question of which entity legally takes the risk on a bad IPO or who should be the next president of the United States, a little due diligence to weed through the noise is all that's needed. Unfortunately even though we live in a time when truthful information is readily available, many are too lazy bother. Therein lies both opportunity and potential disaster.
These are the personal views of WST. Do your own due diligence.