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Michael Sacerdote  

PRO Articles
PRO articles cover stocks that fly under most investors' radar screens.
  • Phase II Calamity Dooms Ohr's Eye Drops
       • Jun. 28, 2014 OHRP 83 Comments

    Summary

    • Phase II interim data on Ohr's squalamine eye drops demonstrates likely efficacy in wet age-related macular degeneration.
    • Despite likely clinical efficacy, the inability to reduce injections into the eye will result in commercial failure of squalamine eye drops.
    • With earliest possible FDA approval in late 2018/early 2019, Ohr's squalamine eye drops will be at least 2 years behind Ophthotech’s Fovista.
    • Value of Ohr’s squalamine eye drops for wet age-related macular degeneration is $0 or less.
  • Fishy Business At Pingtan Marine Enterprise
       • Jun. 13, 2014 PME 74 Comments

    Summary

    • Pingtan Marine Enterprise is a US-listed Chinese fishing company with $245 million market cap.
    • 46 fishing vessels bought from company controlled by the CEO's wife for $410 million cost 8-10 times more than vessels purchased from unrelated parties.
    • Numerous transactions involving the CEO, his father, siblings, niece, daughter, cousins, and brothers-in-law. Multiple interest-free, uncollateralized related party transactions that "do not have specific repayment terms.".
    • Problematic audits, toxic VIE structure, unresolved legal issues in China, and many other red flags.
    • US-listed shares have little or no real claim on Pingtan's economic activity.
  • Agios: Risk Without Reward
       • Apr. 30, 2014 AGIO 13 Comments

    Summary

    • At $1.3 billion, AGIO is dangerously overvalued for a biotech in phase 1 trials.
    • Almost all of AGIO's value resides in pyruvate kinase activator AG-348.
    • Most earnings from AG-348 (if any) will not flow to shareholders.
    • Current valuation more than prices in success; no upside available.
  • Aastrom: Mice Scared Me Away
       • Mar. 26, 2014 VCEL 13 Comments

    Summary

    • Aastrom's price has surged due to a positive article from Jason Napodano.
    • Images suggest potential technical flaws in preclinical mouse experiments.
    • Keep caution on the menu.
  • Prana: Expect Success In Massive Binary Event
       • Feb. 18, 2014 PRAN 66 Comments
  • Taro: A Beautiful Ugly Duckling
       • Jan. 29, 2014 TARO 42 Comments
  • Tonix Clinical Trial Will Succeed: 40 Years Of Medical Evidence
       • Jan. 17, 2014 TNXP 160 Comments
  • MacroGenics: Big Dreams, Good Molecules
       • Oct. 10, 2013 MGNX Comment!
  • Ophthotech: Visionary Brilliance
       • Sep. 24, 2013 OPHT 7 Comments
  • Ambit Biosciences: One-Trick Pony With A Broken Leg
       • Sep. 5, 2013 AMBI 7 Comments