Seeking Alpha

InVivo slides as CEO resigns

  • InVivo Therapeutics (NVIV.OB -25%) tumbles after CEO/ CFO Francis Reynolds resigns due to a medical condition. The board has appointed Michael Astrue interim CEO. (PR)
  • Not helping the stock is an article from SA contributor Biotech Sage, who says the shares are substantially overvalued and claims the "existing data and the company's proposed regulatory pathway" aren't enough to substantiate management's "bold assertions" regarding the "efficacy and market potential" of the company's scaffolding device.
Comments (10)
  • The stock did not tumble because of CEO issue. It had settled down around -3.97%. "Biotech Sage" did the damage and pushed to -25%. Very disappointed that such an article would be allowed to be released. IMO, the information in the article is misleading at best.
    23 Aug 2013, 03:54 PM Reply Like
  • Huh, this Market Current is only a day late, unlike others. People were tweeting about this yesterday. I go by the same name on Twitter.

     

    I also warned of the dangers in comments on articles that came out in the spring, while the stock was making a run up above $5.

     

    http://bit.ly/14M5UVl
    http://bit.ly/14M5UVn

     

    Ironically, Reynolds being out is actually probably a long term positive for NVIV for two reasons:

     

    1) It helps clear the way for uplisting to Nasdaq, as it removes what was probably the primary board objection that the exchange had.

     

    2) Reynolds has always been rather promotional, possibly because he was partially paralysed himself. It's easy to imagine that a different style will better suit the next phase of growth for this company.
    23 Aug 2013, 04:02 PM Reply Like
  • It seems to me that it tumbled after the article from Sage today at 1:30, not the press release yesterday at 4pm. Stock opened at $4.00...
    23 Aug 2013, 04:28 PM Reply Like
  • I wonder if "Biotech Sage" shorted NVIV and then released his article?
    23 Aug 2013, 04:46 PM Reply Like
  • Probably. And I'm sure the SEC would like to know too.
    25 Aug 2013, 08:34 AM Reply Like
  • I would really like to know if this character (Biotech Sage) could be reported to the SEC for stock manipulation:

     

    1 he admitted he was a "short" at the top of this stupid article

     

    2 he had to know that there would be a sudden dramatic drop in price after all the scurrilous/unsubstanti... statements he made in this article

     

    (his "pal" Joe Springer did the same thing last fall when he claimed NVIV CEO and members of the board of directors were "dumping" their shares to affect the pps)
    23 Aug 2013, 05:46 PM Reply Like
  • This "character" "Biotech Sage" has not responded to any comments/directed to him/her/it since his article was published--will submit complaint to SEC for stock manipulation--and I will continue to do so until an explanation is provided as to exactly why this article was released when it was---the change in the CEO at NVIV and the release of this article was NO coincidence--this was done deliberately to affect the pps
    24 Aug 2013, 06:44 AM Reply Like
  • As stated in his article biotech sage IS short the stock
    At least he was when he published the article

     

    CEO news was yesterday and generally considered a "good" thing

     

    stock was off a little at open and then recovered

     

    had traded just over 300k shares (twice normal daily volume) by 1:30 and trading around 4

     

    in the 2 1/2 hours after alert was emailed, on a summer Friday afternoon no less, this pink sheet stock traded 2.7 million more shares and dropped more than 25%
    24 Aug 2013, 02:39 PM Reply Like
  • It's not a pink sheet.
    25 Aug 2013, 08:36 AM Reply Like
  • I stand corrected

     

    OTC Bulletin Board stock
    26 Aug 2013, 08:48 AM Reply Like
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