Morons

Very Quick Take – The Cytoshills Make A Mistake (CYDY)

While we all anxiously await tomorrow’s CONference call from everyone’s favorite reverse-merger pink sheet Coronacrapper, Cytodyn (CYDY), the shills posting glowing comments about the company and its fearless leader The NaDDir* over at Seeking Alpha seem to have made a mistake.

On today’s ridiculous Cytodyn piece on Seeking Alpha, (here), insanely prolific Cytodyn pumper, who goes by saf1148 (bio here) made a comment at 9am, and then three minutes later replies to his or her own comment, calling out him- or herself.

CYDY-ShillTalkingToSelf

Oops! Looks like someone forgot to logout and log back in under their other screen name. Hope someone at Seeking Alpha is tracking IPs of the Cytosockpuppets.

 

*Spelled thusly, for a Double Dose of that sweet sweet stock pimpin’
THE CONTENT CONTAINED IN THIS BLOG REPRESENTS ONLY THE OPINIONS OF THE AUTHOR. THE AUTHOR MAY HOLD EITHER LONG OR SHORT POSITIONS IN SECURITIES OF VARIOUS COMPANIES DISCUSSED IN THE BLOG. THIS COMMENTARY IN NO WAY CONSTITUTES INVESTMENT ADVICE, AND SHOULD NEVER BE RELIED ON IN MAKING AN INVESTMENT DECISION, EVER. THIS BLOG IS NOT A SOLICITATION OF BUSINESS: ALL INQUIRIES WILL BE IGNORED. THE CONTENT HEREIN IS INTENDED SOLELY FOR THE ENTERTAINMENT OF THE READER, AND THE AUTHOR.

Quick Take – The Unbearable INsignificance of Leronlimab – CYDY

(Did you miss the Cytondyn lawsuit update detailing Scott Kelly’s shenanigans and the trouble with the NASDAQ listing? Check that out here.)

For a brief press release that was almost entirely free of data, yesterday’s nonsense from everyone’s favorite reverse-merger pink sheet Coronacrapper, Cytodyn (CYDY), has created quite a lot of misleading spin, sheer fabrications, and highly wishful thinking in the scores of message board posts (Hi there, InvestorsHub. Guten Tag meine Lieblinge an Wallstreet-Online.de) and accompanying paid promotional stock pumping videos and puff pieces.

Most of the delusions center around two key misunderstandings.

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Quick Take – What Sort of Deceptive Nonsense is Cytodyn Spewing Now? (CYDY)

Finally, it is the 21st of July and the long awaited trial “results” from everyone’s favorite reverse-merger pink sheet Coronacrapper, Cytodyn (CYDY) have arrived! Well, not really, because the company didn’t really announce any real results this morning (read more about that here). What The NaDDir* did announce was a collection of bizarre ramblings about wonder drug leronlimab‘s supposed safety from the Phase 2 trial of leronlimab in mild/moderate Covid patients (trial details here).

From this morning’s press release:

CYDY-Results1

The headline? Impressive Results….39% of patients in (the) placebo arm had SAEs as compared to only 14% of patients in (the) leronlimab arm.

More like impressive bullshit. Just a few lines later one can see that 6 out of 28 patients in the placebo arm, and 5 out of 56 patients in the leronlimab arm reported SAEs. That’s actually 21.4% and 8.9%.

Coming from the same klown krew who still can’t manage to file an acceptable BLA submission, is their failure to do simple math much of a surprise? Or was this a deliberate deception to make leronlimab somehow look more appealing in front of tomorrow’s shareholder meeting where management is hoping to get another 100mm shares authorized so the dilution can continue unimpeded.

*Spelled thusly for a double dose of that sweet sweet stock pimping.

THE CONTENT CONTAINED IN THIS BLOG REPRESENTS ONLY THE OPINIONS OF THE AUTHOR. THE AUTHOR MAY HOLD EITHER LONG OR SHORT POSITIONS IN SECURITIES OF VARIOUS COMPANIES DISCUSSED IN THE BLOG. THIS COMMENTARY IN NO WAY CONSTITUTES INVESTMENT ADVICE, AND SHOULD NEVER BE RELIED ON IN MAKING AN INVESTMENT DECISION, EVER. THIS BLOG IS NOT A SOLICITATION OF BUSINESS: ALL INQUIRIES WILL BE IGNORED. THE CONTENT HEREIN IS INTENDED SOLELY FOR THE ENTERTAINMENT OF THE READER, AND THE AUTHOR.

 

Who’s Touting Cytodyn Now? (CYDY)

Pink sheet retail investor AIDS-turned-Cancer-turned-Coronacrap favorite Cytodyn (CYDY) has been quite the darling of the stuck-at-home newbie trader crowd lately. It seems not a day goes by without some form of stock promotion. And today, 28 April, is no exception.

Presenting an absolute howler of a puff piece on Seeking Alpha, entitled “Finding The Kink In COVID-19’s Armor – Preventing ARDS” by one Theodore Zucconi.

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Sandra Boenish, Vancouver’s Finest, CFO to the Stars – AVXL, NAKD, Lincoln Park

Today we quickly examine the sad state of retail favorite, but blindingly obvious bio-turd, lovingly referred to as Scamavex (AVXL). If one follows us on Twitter, (@buyersstrike) one would have seen warnings that Anavex Life Sciences (AVXL) is really just a plaything of Vancouver stock promoter Harvey Lalach. In fact, the common refrain is that “One can take the company out of Vancouver, but you can never take Vancouver out of the company.”

And in fact, the company did pick up and move, to shiny offices in New York City. And yet, the pull of Vancouver is strong. Just a few weeks ago Anavex announced the hiring of a new CFO. Sandra Boenisch. A quick read of the 8K filing announcing her arrival, and a look at her resume, leads to more questions than answers.

Take a look:

Ms. Boenisch, age 34, has no family relationship with any other officer or director of the Company. With respect to the Company, Ms. Boenisch has not had a direct or indirect material interest in any transaction described in Item 404(a) of Regulation S-K. In connection with Ms. Boenisch’s appointment as Principal Financial Officer, the Company and Ms. Boenisch entered into an employment agreement commencing on October 1, 2015 and ending on September 30, 2017, whereby: (a) the Company shall pay to Ms. Boenisch an annual base salary of Seventy-Eight Thousand and 00/100 Canadian Dollars ($78,000 CAD)

A CFO capable of handing the workload of a ~380mm USD market cap biotech (at time of writing) that supposedly has the cure for Alzheimer’s Disease and Parkinson’s Disease (if the dumb donkey longs and touts are to be believed) can be hired for just $78,000 CAD per year salary (roughly $59,500 USD at time of writing)? Really?

Why is a supposedly American biotech company, based in NYC, paying its newly minted superstar CFO in Canadian dollars? Perhaps we need to take a look at her resume. Here is the resume portion of the 8k:

Ms. Boenisch has been an independent consultant, providing financial reporting services to a range of public companies in the United States and Canada since January 2012. From 2008 until 2012, Ms. Boenisch was employed at BDO Canada LLP (Vancouver, BC) where she was hired as a Senior Accountant and was later promoted to Manager, Audit Assurance. Ms. Boenisch specialized in managing assurance engagements for public companies in the United States and Canada. Prior to that, Ms. Boenisch worked for a public accounting firm beginning in 2001.

Well there is our Vancouver connection, but she has no experience as a CFO, and none in biotech. And what did she do between January 2012 and getting this amazing job at revolutionary, world-changing, Anavex? The 8K says she was an independent consultant. However her LinkedIn page says something very different.

Naked?

That’s not what the 8K filing says, now is it?

It turns out she does have some experience in the past with a public company, Naked Brand Group, Inc is actually publicly traded Naked Brands (NAKD). Insert your own jokes about Anavex’s head of Business Development and Investor Relations, Nell Rebowe, here.

Sure enough, just like Anavex, Naked Brands started life as a Nevada shell company, in this case a little piece of junk called “SearchByHeadlines.com” (SBHL) which obtained a listing in 2007. The Headlines shell then acquired a dismal little underwear company called Naked Boxer Brief Clothing, Inc. creating yet another wretched reverse merger polluting the lower reaches of Wall Street (& Howe Street) NAKD.

Sandra joined NAKD a year later, in May 2013 as VP of Finance.

But being a piece of junk Canadian company merged into a Nevada shell, and hiring Sandra Boenish, are not the only things AVXL and NAKD have in common. There’s more.

In September of 2013, NAKD announced with great fanfare an investment from an institutional investor. Retail longs seem incapable of understanding that difference between a legitimate long term institutional investor, and what could kindly be described as the newest incarnation of 90s death-spiral shops. Here is a chart of NAKD’s share price from the date of that investment, 16 September 2013 until today.

Share price from 16 Sept 2013 until present.

Share price from 16 Sept 2013 until present.

Pretty impressive performance. The investor? Why none other than AVXL’s recently announced institutional investor, the sharks at Lincoln Park Capital. Read more about Lincoln Park here.

And take a look at the most recent press release from Anavex, trumpting an abstract of what we will charitably call a “study”, that is no more than a small collection of completely uncontrolled, unblinded, anecdotes about their snake oil Anavex 2-73. The important bit is at the bottom:

Shareholder & Media Relations
Toll-free: 1-866-505-2895
Outside North America: +1 (416) 489-0092

A 416 (Ontario) area code for a NYC-based, Nevada corporation, with a CFO in Vancouver? Odd, right? A quick search of that number leads to a stock promotion outfit in Toronto, Primoris Group, a firm with 2 co-founders who are no strangers to the seedy world of micro-crap Canadian stock message boards.

Maybe we’ll tear apart Anavex‘s ridiculous “study” claims over the weekend. Until then, lets see how the dynamic CFO and IR due of Sandra and Nell do, especially with their Toronto stock pumping friends.

The content contained in this blog represents only the opinions of the author. The author may hold either long or short positions in securities of various companies discussed in the blog. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. This blog is not a solicitation of business: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.

Another press release, and another set of lies from Galena Biopharma – GALE

After the close on the 6th of August scandal plagued Galena Biopharma (GALE) issued a press release detailing their earnings (or lack thereof) for the second quarter of 2015.

The full release is available here.

And in typical Galena fashion, even the very first bullet point is misleading. The company says:

Completed over-enrollment in the NeuVax Phase 3 PRESENT breast cancer immunotherapy clinical trial and presented encouraging data for GALE-301 and GALE-401 programs.

Of course, readers will remember that the GALE-401, aka Anagrelide CR, results were not encouraging at all. Not familiar with Galena’s spin on the terrible trial results? Catch up here.

Today we’ll focus on the second bullet point, where Galena makes an easily disproved claim. The company says:

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Galena Gets Smacked Down Again, Hard. – GALE

To add to its mounting legal woes, the pathetic tools inept fools at Galena Biopharma (GALE) were smacked down yet again by Judge Michael H. Simon in US District Court.

The fentanyl pushing, stock promoting, scum at Galena have been attempting to quash a lawsuit brought by shareholders who, quite rightly, are demanding answers and accountability from the company for the DreamTeam stock promotion scandal. Readers might remember our attempted site visit to DreamTeam HQ. This scandal has already cost Galena CEO Mark Ahn his job.

Thankfully, Judge Simon has seen through Galena’s latest attempt to stall discovery, and the lawsuit will move forward.

The following is the full text of the most recent decision:

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Quick Take – Bye Bye Mark Ahn (GALE)

As tweeted last night by The Street.com’s Adam Feuerstein, the smug Mark Ahn is out at dreadful Galena Biopharmaceutical (GALE). Read more here.

The sell-side analysts whoring themselves out for banking business, like Needham’s moronic Chad Messer (read about him here and here) will now have to dust off the pads and kneel before newly promoted GALE CEO Mark Schwartz.

For those playing at home, the case to watch (or better yet send in an FOIA request) is:

In the Matter of Galena Biopharma, SEC File No. HO 12356 now known as  “In the Matter of Certain Stock Promotions”

No wonder the GALE-eediots have been so silent recently.

THE CONTENT CONTAINED IN THIS BLOG REPRESENTS ONLY THE OPINIONS OF THE AUTHOR. THE AUTHOR MAY HOLD EITHER LONG OR SHORT POSITIONS IN SECURITIES OF VARIOUS COMPANIES DISCUSSED IN THE BLOG. THIS COMMENTARY IN NO WAY CONSTITUTES INVESTMENT ADVICE, AND SHOULD NEVER BE RELIED ON IN MAKING AN INVESTMENT DECISION, EVER. THIS BLOG IS NOT A SOLICITATION OF BUSINESS: ALL INQUIRIES WILL BE IGNORED. THE CONTENT HEREIN IS INTENDED SOLELY FOR THE ENTERTAINMENT OF THE READER, AND THE AUTHOR.

Sell Side Shills, Chad Messer Edition, Part 1 – GALE

Why do we here at BuyersStrike! HQ think so poorly of sell-side analysts? Those sober-looking investment bank employees whose job is to, supposedly, give out insightful investment advice?

Because that is not really their job. Their job is to sell you, the investing public, something. That is why smart professionals ignore them, and call them by another name, “banking whores”.

Care for an example? Let’s deconstruct just the beginning bits of the dreadful Galena Biopharma (GALE) missive from Needham’s Chad Messer.

(Why Chad? Because we love The Chappelle Show here at HQ, and especially the Mad Real World skit, watch it again and again here, it sort of sums up Chad perfectly.)

Chad opens with a whopper:

Fundamentals Are Strong Despite Stock Promotion Overhang; Maintain BUY Rating

To which fundamentals could Chad possibly be referring? Galena has only one shipping product, the me-too fentanyl product Abstral. The consensus net revenue estimate for Q4 was $1.825mm. GALE reported net revenues of only $1.317mm, a miss of 27.84%. Only in the world of banking whores can a miss of almost 30% be considered a strong showing.

Revenues are not the only fundamental metric of course, there is also profitability. The mean estimate for Q4 EPS was a loss of 9c. GALE came through with a loss of 46c, a 400% miss to the downside. Maybe Chad doesn’t understand negative numbers? Moving on…

INVESTMENT HIGHLIGHTS: Galena currently holds $55.3 million in cash and expects ~$8 million/quarter in operating burn during 2014, leaving the company well capitalized.

Instead of going off of the audited financials in the 10K, Chad is hanging his hat on an odd figure that GALE trumpeted in the press release, mid-March cash of $55.3mm, Looking just at a single line item, unaudited cash, without examining the rest of the balance sheet is irresponsible.

A more fair, but still simplified, assessment would be as follows:

Audited cash of $47.8mm – debt of $9.9mm (ST + LT) = Net cash as of 12/31/13 $37.9mm. Given their stated burn of $8mm a quarter that gives the company just about 5 quarters of life left. In what fever-dream is that well-capitalized? Even that is a very brief, and irrationally optimistic, look at the balance sheet which skips over some glaring red flags which we will examine further.

One would like to think an analyst at a Wall Street bank would know how to read financial statements, and certainly could spot red flags. Here’s one a first semester accounting student could spot: Galena has Accounts Receivable (AR) of $3.7mm on only $1.3mm in sales, which gives a Days Sales Outstanding (DSO) calculation of a whopping 256 days. Lesson for you Chad, DSOs < 90 are good, > 90 are bad. C’mon, didn’t George teach you this?

Chad also fails to mention this red flag line item from the 10K:

Fair value of warrants potentially settleable in cash:  $48,965mm

A warrant liability greater than Galena’s audited cash balance, one which is potentially settleable in cash, and not a mention. Should the worst happen, settling this debt would leave Galena destitute. Still well-capitalized?

Nor does he mention the $5mm deferred tax liability, nor the contingent purchase price consideration liability of $6.8mm.

Chad is awfully silent about the Stockholder’s Equity line which dropped precipitously from $27.7mm at the end of 2012 all the way down to $5.9mm at the end of 2013.

Does anyone still think Galena is “well capitalized”?

More on Chad Messer’s intellectual musings next time, including his thoughts on Abstral, NeuVax, and his bizarre claim that “management has executed well”.

The content contained in this blog represents only the opinions of the author. The author may hold either long or short positions in securities of various companies discussed in the blog. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. This blog is not a solicitation of business: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.

Galena and the Epsilon Sock Puppets – GALE

A number of comments have recently been submitted for approval to the recent posts on bio-dreck Galena Biopharma (GALE), by commenters “Don Petty” and “Bryce in TX“. [Similar comments have been posted to other articles on other site, like Seeking Alpha, by Don and Bryce as well.]

Both seem to be stubbornly stupid GALE bulls.

It turns out that all 6 comments are from the exact same email address and posted from the same ip address. Nice try.

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