Any given Thursday...I haven't been on these boards for over 10 years - my old username no longer exists! First post - I need to shake off the rust.
I bought into CAN yesterday at $1.65 after studying the chart and speaking with Meghan of the IR office aside from other due diligence. The one-year chart shows the move up to $6, with $100MM+ fundraising in Feb/Mar 2011 and a regular downtrend since then with regular peaks & valleys. From what I understand, there are no restrictions on the sale of stock from the fundraising early in the year and thus it would seem there has been continued deterioration in the share price since then; given the economic environment, I think every stock has been hit - up until today.
With a peak of $3.64 on Sept 15th, CAN has seen a sharp decline to current levels with what looked like a base forming at the $1.80 level. The chart would seem to indicate that the next upward resistance level is about $3.00 where it resided for the better part of a month (Aug-Sept). Given the European news today, I think it is fair to say that many of us expected to see some appreciation in the share price but instead the bid was constantly hit today with substantial share volume of 3MM+.
IR advised that the company has moved over something like 9 new drilling rigs to the property and are behind in the assay tests due to backlog at the lab. Earlier posts I read today were mentioning something like 100+ drill hole results are due out and would seem that is what many of us are now waiting to hear about.
It strikes me as odd that sellers would be hitting the bid so hard and consistently today, especially given the very positive European news today coupled with drill hole results due out in coming weeks (judging by the regularity of prior news releases). With that kind of volume, it leads me to suspect that a fund or someone with a big wallet (or not so big anymore) has decided to liquidate in favour of whatever. But why would you do it at a time when positive sentiment has returned to the markets with such vigour and company news is presumably on the horizon? Their logic fails me here...