Thursday, August 9, 2012

Aastrom Biosciences Hits New 52-Week Low

Aastrom Biosciences (ASTM) reported 2Q'12 results on Tuesday (02012.08.07) after the market closed. Yesterday (Wednesday, 02012.08.08), ASTM hit a new 52-week low of $1.74 (previous 52-week low was $1.75). Today (02012.08.09), prior to the market opening, I read the transcript from the 2Q'12 conference call. I've placed an order to add to the ASTM holdings. I particularly liked how the CEO started off his initial segment of the conference call.
I will highlight one near-term unfortunate aspect of the warrant exchange is that it has put some near-term downward pressure on our stock as many of these shares are sold by, again, these warrant holders, which I think we all know to be very short-term oriented and so we think they are finding their way into longer-term investor hands, but again, the transition, this movement of these shares from the warrant holders, which tend to be much more short-term focused and not fundamental focused and into longer term more stable hands is a process.

ASTM close yesterday at $1.74. 52-week range: $1.74 - $2.91.

[update::02012.08.09] Added to our ASTM holdings. Buy price was $1.75.

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