Drip, drip, drip . . . . With a company like NTB you have to try not getting caught up in the day to day ups or downs. Since Dec 1/2011 and the move to the TSX, volumes have been non-existent. I can offer no explanation for this, except that in the face of this global/European contagion, small caps are incredibly exposed. I've owned NTB for 6 years now, and when volume is low, the price will 'drip' lower. I talk to professional money managers all the time, and they often reference that there is currently no new capital being brought to the market. There remains a ton of money on the sidelines, given the "armageddon risk" that the market continues to be concerned about.
One of the many positives for NTB is that they don't have to raise capital in this market. With $10M-$15M in the bank, their balance sheet is very strong.
One more positive, is there continues to be talk about big pharmas looking for acquisitions. There was an article today that reported J&J/Pfizer are now loaning money to European banks. So at the same time new money is staying away, big pharmas have tons of capital to invest and dwindling product pipelines. At some point this will impact positively for NTB, notwithstanding that the family has no interest in selling.
Also, this board has hyped up AMRN and CYAN over this past year. As certain posters were slamming NTB, you have to realize that AMRN is now trading at 36% of its 52 week high, and CYAN's market cap (although increasing) remains at only $35M, or about 30% of NTB's consolidated market cap. So the small cap "pharma/bio-tech" pain has been felt everywhere.
I expect the results to be issued end of day Thursday or before market open on Friday - this would be consistent with last year's timing.