Wild Ride TodayWell I told everybody to buckle up and you sure beeded your seat belt today. $2:14 to $2.38 in the first hour then the shorts stepped back in and quickly knocked in back down to $2.18. We slowly recovered to close at $2.30 on volume of 150K on TSXV.
Todays news should further convince those on the sidelines that we have now had phase 2 data reviewed and supported by Health Canada and FDA. The fact we are now approved by FDA for new phase 2 trial along with $5M of Government of Canada funding which eliminates any need to raise further funds that would normally cause dilution plus we successfully completed a increased dose study and the new phase 2 trial for AKI could also open the door to fast tracking do to the fact there are no approved treatments for AKI.
The sky is looking brighter but in all fairness I personally felt todays news release should have drove us back up to the $4-5 dollar range.
We still are waiting for third party independent phase data review. This is key catalyst for the Raymond James Analyst to bump up his target price and hopefully move from speculative buy to a strong buy. I personally feel the news today (FDA) + successful increased dosage study+ $5M Government Funding with no dilution+ 3rd Party Independent Review Study should move us up to where our similar staged perrs are valued in the $800M to $1.5B market cap.
We need to get real buying interest to move this up with conviction to convince the shorts to cover. I liked the action today especially the fact we recovered from the $2.18 short attack to end up 7.5%. We need to get off the Venture to bring in bug money but we need share price up to do that!