The off market married deal is definitely a positive sign for PTX due to:
1. It took away the selling pressure from an existing shareholder (probably need the money for personal reasons), likely with an intention to sell 10m shares to the market in short term.
2. The market will see that new base for sp is reset to 10.5c. Buyers waiting for lower price earlier are likely to buy now than continue waiting for better price.
3. The new shareholder will have every incentive to start buying from the market in order to create the upward pressure and benefit from price rise. Just imagine that if he scoop up another 10m @ avg sp 15c to push price to 20c, he is likely to do so as his avg purchase price for 20m share is a mere 12.75c.
Will take some more on Monday. Happy Good Fri
PTX Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
