Moving targetsIMHO, the reason the share price is languishing is that all the forcasts for Revenue and profitability keep on shifting lower and lower. I was told back in 2001 when JV1 was signed with ARC that the deal would mean tens of millions of revenues by 2004 - now they are talking about 2007 for any meaningful revenues.
Don't get me wrong, I do appreciate that the company is "moving along', but i do believe that the investment community has been misprepresented with overly optimistic forcast in the past, and this is why the share price has been languishing of late.
Every time I see new revenue targets, or profitability targets, everything is being dramatically downgraded. Now we are seeing murmurs of EPS positive in 2007? One month ago, posters were touting that we would be cash-flow break even in 04 and EPS postitive in 05. I certainly hope that this is the case, or we could be heading for a $1.00 share price.
Obviously the market is in a "show me, don't tell me" mood with PLI because of overly optimistic predictions in the past. The scary thing is that these current markets conditions are nasty, almost like the markets enjoying slamming the share prices of any deals that are not up to snuff.
I do agree with Pierre in that most investors are missing the big picture wrt this company, and that if they are just trying to flip the shares at $3.00, they will miss out. We must also remember that on average, it takes 13 years to get a new biotech product to market, and that is only if the product does become a sucessful longshot as most new drugs and technologies never come to fruition.
The challenge for the company now is to ensure that we incur meaningful revenues in fiscal '04, and that the company can attract institutional money to this play. I must admit that lately it's been a bit encouraging in that we finally have some institutioanl bids showing up in the market depth. When the stock plunged below $1.80, it appeared as though all the bids were retail as they were small and numerous. Now at least I noticed a few 10,000 lot bids consisting of only 1 bidder - that's institutioanl.
Just my humble opinion
Good luck to all longs
JANDD