penny stock bulletin question
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Probably idiots really did buy the bullshit report. I have never looked at this stock and am not going to, but it's not that uncommon for small cap companies to pay for research (which is inevitably favorable). This Tobin kid must have been pumping it really hard for them to issue a retraction. Probably some "pro investors" on hotandbotheredforpennystocks.com bought on the news and then suddenly dumped once they found out they had been pumped. This would be a buying opportunity IF the company had a good business and was not a clown show at the management level, but reading the business description I doubt that's the case.
FWIW, the research report is always supposed to say in the disclosures that the company paid for it. I don't have access to the report in question, but if it failed to disclose that, hopefully the SEC will take a break from its midget porn obsession and put a beat down on the analyst / firm responsible.
Thanks for the reply.
the end of the report says as follows:
NBT Equities Research or its affiliates have received compensation from the company or companies mentioined in this report or agents acting on their behalf.
That's why I'm not so sure they've broken any laws... and why i think it's an overreaction...
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Yes, it is probably legal then unless the analyst knowingly acted in bad faith (which would be hard to prove). Overreaction is a relative term since biotech penny stocks are going to be extremely volatile. I've seen what I would term extreme overreactions in A or B quality businesses where the stock sells off 20%+ on non-eventful news, and that's usually a good time to do work on the name, but not for replicel life (even the name sounds sketchy).
Good point about overreaction being a relative term.
I think I'll just wait until their phase 2 reports come in...
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That stock did well lol
RepliCel Life Sciences Inc. (RepliCel), formerly Newcastle Resources Ltd. is a Canada-based company, engaged in the business of developing and patenting hair follicle cell replication technology. The Company’s cellular replication and implantation technology is designed to rejuvenate damaged, miniaturized hair follicles in balding scalp skin.
Is this a Canadian shell pump and dump? It reads that way but I'm too lazy to look into it. Any Canadian penny stock with paid research coverage and the word "Resources" in the name should be an automatic big red flag.
I often wonder who buys stuff like this since if the financials are any indication, there is literally nothing there, yet at one point it had a $130mm market cap? Obviously I'm in the wrong business, time to move to Canada.
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