Aug. 16 at 4:25 PM
$CMMB
Erik Otto was one of the strongest supporters of the drug CM‑101, and he stated that this company deserves a market value of one billion.
The management disappointed him and many of the long‑time shareholders. This company has highly valuable scientific and commercial assets, while other companies with far fewer assets have secured partnership and licensing deals that are far superior to this merger.
I believe Erik’s sale is a message of anger and protest against management’s failure. From an investment perspective, despite the poor deal, selling at this price was a wrong move. There is still a
$5 CVR, and even if he waits a year or more, he would eventually receive the
$5.
