Share Price

For those who wonder why the Noxopharm share price has stubbornly remained at about 40 cents, there may be an explanation. Kazia disclosed yesterday that it had sold about 250,000 NOX shares since 31 December, for an average price of 44 cents.

If you look at the course of sales during that period, it looks like there were only two periods in which 250,000 shares could have been sold at 44 cents: 14/15/16 January, and 6 February.

6 February happened to be the day Noxopharm announced highly promising 12-week data for the DARRT-1 trial, and yet the share price was driven down from a high of 46 cents to close at 41 cents, on an abnormally high volume of 182,515 shares.

I prefer to think that Kazia sold its NOX parcel in mid-January, because it makes no sense that Kazia would use its NOX holdings to put a cap on the NOX share price; while simultaneously trying to sell its Noxopharm shares.

Let's hope sanity prevails and Kazia looks for an off-market buyer for its Noxopharm holding.