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Phase III lead product E2F decoy failed last week, stock price drop to $2.26. Total floating shares 16M, on Mar 30, volume 14.795M shares, Mar 31st, volume 2.374M shares. Most of the shares been sold. Total shared traded since the Phase III failure is 17.1M, almost all the shares been sold, the turnover ratio is >1 which shows the current shareholders purchased the shares @ around 2.3-2.4 level. Also this stock under $5 can not be shorted sell. I predict the current shareholder won’t sell their shares at 2.4 level since no profit for them. This is a good stock to trade for rebound if no further bad news come out. CGTK company has other developing drugs, although the E2F is the lead product candidate. I load some shares for short term rebounce. Now this stock is selling on cash, no debt, 116M cash in hand, total outstanding shares 27.79M. $4 cash per share.
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