MYX - Mayne Pharma Group

[Kuri]

Has anybody seen this stock over the last week? I know it recently purchases Mayen Pharma in the US through an SPP but that news is old. Anybody hazard a guess as to why it has jumped over 25% in a week? It is probably due for a speeding ticket soon. Do any chart readers see a halt in its rise? I see resistance at 45c but it is now at 55 centes and has got there with a couple of textbook corrections.

Looking forward to hearing some other thoughts.

Kuri

 

[Country Lad]

MYX has been giving buy signals on the way up and another one yesterday. I've tightened stops with the choppy market and impending reporting season.

Cheers
Country Lad

 

[Craton]

Just an observation but better late than never eh. Ok, ok, I'm not funny....:bonk:

 

[piggybank]

Are you still in it Country Lad?

 

[Country Lad]

Are you still in it Country Lad?

Yes but only just. Closed below my stop 28 Aug but then promptly stayed above it the next day before I sold and kept going from there. Now at all time high so everybody is in profit

Cheers
Country Lad

 

[piggybank]

Yes but only just. Closed below my stop 28 Aug but then promptly stayed above it the next day before I sold and kept going from there. Now at all time high so everybody is in profit

Cheers
Country Lad

View attachment 55199

Hi Country Lad,

If I read it correctly, then you didn't have a stop loss locked in by your broker? The reason I ask is that I thought you were a strong advocate of using them

Regards
PB

 

[Country Lad]

Hi Country Lad,

If I read it correctly, then you didn't have a stop loss locked in by your broker? The reason I ask is that I thought you were a strong advocate of using them

Regards
PB

I treat “spekkies” and real companies differently and it all depends whether I am/will be watching the market.

For what I consider “spekkies”, if I am at the computer during the day when the stop is hit I will assess the market sentiment at that time and may continue to watch if I think it is a blip, but mostly I will sell straight away. If I will not be at the computer, stops will have been set with the broker and if hit it is sold.

For those which are not “spekkies” (and MYX falls into this category), assuming I will be watching the market during the day or have access to internet after close, then no automatic stop has been set and I will assess at opening and decide based on the way it is trading and the market sentiment. That is what happened to MYX that day.

If I am away from the market, then there will be a previously set stop which will be activated.

When I am in remote areas without internet for days or weeks on end, it is always interesting to see what I still own when I am back into reception areas.

Cheers
Country Lad

 

[piggybank]

Hi Country Lad,

Thanks for sharing some of your strategies - selling methodology with us. As you said it must be interesting to see what you own when you haven't had access to a computer for a while

Regards
PB

 

[Wysiwyg]

Mayne Pharma seeing growth with expected "very positive" outlook for 2HFY. T.A. signaled at $1.40 but didn't take it. Longer term trend is up but definitely not smooth. Personal holding at $1.48.

 

[Wysiwyg]

All time high $1.54 broken. Our market has been bullish of late so bit of a decision point whether to hold or buy back at lower prices. :1zhelp:

 

[Knobby22]

My personal holding is $1.49 Wysiwyg.

The new generic heart drug is approved and they have exclusivity for six months as the first company to offer an alternative-which is a funny rule but good. 12 more drugs on the way! Let's go for a ride

 

[Wysiwyg]

The new generic heart drug is approved and they have exclusivity for six months as the first company to offer an alternative-which is a funny rule but good. 12 more drugs on the way! Let's go for a ride

How did you go? I sold at $1.54 for another out too soon decision. A sell off down to $1.595 from high of $1.665 today obviously suggests that will do.. Might keep an eye on it for awhile.

 

[Knobby22]

I tend to hold over 6 months. Once I am on a trend I stay on it till it changes. No reason for me to sell yet.

 

[kid hustlr]

am i reading this entitlement right that i can buy 1.91 shares for 1.28????

 

[pixel]

am i reading this entitlement right that i can buy 1.91 shares for 1.28????

Only if you were a holder on the Record Date, which is today.
Buying today won't make you eligible, and entitled holders can only buy a limited number of new $1.28 shares. Today's gap-up blitz may well include a lot of holders selling half of their current holdings in order to free up the cash to double-up on the Offer.

 

[kid hustlr]

Only if you were a holder on the Record Date, which is today.
Buying today won't make you eligible, and entitled holders can only buy a limited number of new $1.28 shares. Today's gap-up blitz may well include a lot of holders selling half of their current holdings in order to free up the cash to double-up on the Offer.

I hold - pure luck.

I assume this is a no brainer then for me to take up given where the shares are trading.

Is it counter intuitive for a a share to rally like this given the cap raising is at a price discount to the current trading price - the market must really like whatever they've gone out and done?

 

[Knobby22]

I hold also.
The whisper is the big institutions were aware of the possible deal hence the previous price rise that got me on board.

I can see two reasons their are so many buyers:
1. The deal is good and creates a biotech powerhouse. The other previous announcements have been good too. Roger Corbett is Chairman and we know that he knows how to get things done.
2. The company will become one o the largest biotechs -3rd I believe, and the index funds will need to buy in.

 

[Knobby22]

Only if you were a holder on the Record Date, which is today.
Buying today won't make you eligible, and entitled holders can only buy a limited number of new $1.28 shares. Today's gap-up blitz may well include a lot of holders selling half of their current holdings in order to free up the cash to double-up on the Offer.

Buying today would make you eligible, wouldn't it? I thought you get the shares and pay for them on settlement.
That is why the buying is so frenzied. Today is the last day.

 

[skc]

Buying today would make you eligible, wouldn't it? I thought you get the shares and pay for them on settlement.
That is why the buying is so frenzied. Today is the last day.

NO. Buying today will NOT allow you to participate in the cap raising. Record day is today... with T+2 settlement you needed to buy 2 business days ago.

Today's buying frenzy is caused by the fact that MYX is able to buy such a large important asset from a forced seller (Teva forced by regulators to divest). Teva deliberately chose a mid tier pharma to sell the assets to... so MYX kind of luck into it.

It's transformational - hopefully not Slater and Gordon style.

 

[pixel]

Buying today would make you eligible, wouldn't it? I thought you get the shares and pay for them on settlement.
That is why the buying is so frenzied. Today is the last day.

Wrong, Knobby - sorry
Due to the T+2 rule, you have to have bought at least 2 days BEFORE the record date. That makes the EX-Date yesterday, but as there was a trading halt, today is/was the first day on which holders could sell their MYX shares, yet retain the entitlement to those new cheapies.

spot-on, skc. Ours crossed.