3SOF

Quote from: Melf Elf on May 04, 2006, 03:00:37 PM
Sold BNTat 12.62.

Oliver,

The only thing that kept me from being completely annoyed on Friday, watching BNT rally back to 13.50, was the hope that you might still be long, and profiting from the rally.  It KNEW that I sold it on Thursday, didn't it?  Rotten devil.

   

The possibility of the little bullish Inverse H&S pattern that we discussed got blown on the dip to 12.28.  That, combined with the low volume, was why I exited, and they gave me a bad time of it, filling me 100 shares at a time over about two hours.

 

At any rate, FWIW if you're still in it, you've got an Ascending Triangle, with BNT champing at the bit for a breakout, right at the top of the pattern.

Using the lowest, most conservative high (13.44) to derive the pattern target on a breakout, I get:

13.44 - 11.85 = 1.59 points + 13.44 = Target: 15.03 IN PLAY

Several things that militate against the target getting MADE:

1. BNT is in a bear trend.  Bullish targets are less likely to get MADE when they are against the trend.

2. The Ascending Triangle pattern formation is relatively weak, in terms of width.

3. The Kumo (Cloud) is just above here, at 14.11.  BNT can "chew into it" and make some headway, but it acts as resistance when a stock is below it.

Watch for volume on a breakout.  It's been ridiculously low.  Under 100,000 Wednesday.  At 100,000 on Thursday.  Friday wasn't much better, at 225,000.

Good luck, Oliver.  Thanks for your input on this one.  Applause.  I would have hung in there a little longer if it weren't so illiquid.  Hope that you make lots of $$$ on it 

sold 50% 3 days ago, I will hold the rest of my shares 
god team work, applaud

cheers
Oliver

Quote from: la-onda on May 06, 2006, 06:26:42 PM
sold 50% 3 days ago, I will hold the rest of my shares 
god team work, applaud

cheers
Oliver

That's good, Oliver.  Applause.  You got a breakout above the 13.40s at the open. 

good results but stopped out 
Bentley Pharmaceuticals Reports First Quarter 2006 Results; Revenues up 17%; 24% in Constant Currency; Profitability in Specialty Generics Business Supports Increased Investment in Drug Delivery Business
Wednesday, May 10, 2006 08:00 ET

EXETER, N.H., May 10, 2006 (BUSINESS WIRE) -- Bentley Pharmaceuticals, Inc. (NYSE: BNT), a specialty pharmaceutical company, today reported financial and operating results for the three months ended March 31, 2006. The Company continues to experience double-digit revenue growth in its specialty generics business, fueled by increased product sales and non-U.S. licensing and manufacturing agreements. The specialty generics business received 12 new product approvals in the first quarter of 2006. Bentley also more than doubled its investment in research and development programs for its drug delivery business as compared to the first quarter of 2005, with a specific emphasis on accelerating clinical research and development of an intranasal insulin product which is based on the Company's proprietary drug delivery platform, CPE-215(R).

Key first quarter results include:

Specialty Generics Business

-- Revenues from the Company's specialty generics business rose 14% to $26.6 million in the first quarter of 2006 from $23.4 million in the first quarter of 2005 (21% growth in constant currency);

-- Net product sales to customers under license and manufacturing agreements increased 38% to $9.5 million compared to $6.8 million in the prior year first quarter;

-- Operating income from sales of specialty generics increased to $7.0 million from $5.2 million as a result of the increased revenues and consistent operating expenses.

Drug Delivery Business

-- Licensing and collaboration revenues, driven by increased U.S. royalties, increased 88% to $1.6 million in the first quarter of 2006 compared to $870,000 in the first quarter of 2005;

-- Operating losses generated by the drug delivery business increased to $3.7 million from $1.6 million - primarily as a result of $1.5 million in increased investments in research and development and $1.3 million in increased general and administrative expenses including legal costs related to ongoing litigation and consulting costs to support continued growth, as well as share-based compensation expense resulting from the required adoption of a new accounting principle, which was not required to be recorded in previous periods.

Consolidated

-- Consolidated revenues grew to $28.3 million, or 17%, in the first quarter 2006 compared to the same quarter in 2005;

-- Net income decreased to $1.2 million, or $0.05 per diluted share, compared to $2.2 million, or $0.10 per diluted share, in the first quarter of 2005;

-- Foreign currency fluctuations reduced first quarter 2006 revenues by $1.7 million and net income by $325,000.

"Our specialty generics business and drug delivery business, while distinct, combine to offer a unique value proposition for investors," commented Bentley's President John A. Sedor. "Continued strong top-line growth, profitability and expanded marketing opportunities in our specialty generics business have allowed us to increase the investment in R&D for our drug delivery program, with a particular focus on the potential commercialization of an intranasal insulin product. Early results have been promising, and we are set to further advance this program through Phase II trials in 2006. This promises to be a transforming year for Bentley as we shift our mission to one of focus, discipline and transparency, which we believe will yield greater shareholder value for the long-term."

In the specialty generics business, sales to licensees and others reached $9.5 million (33% of consolidated revenues) in the first quarter of 2006, up from $6.8 million (28% of consolidated revenues) in the first quarter of 2005. Bentley continued to expand its product base with the approval of 12 products in the first quarter of 2006. As of March 31, 2006, our Spanish operations have executed 157 license agreements for product registrations, of which 19 with customers in Spain and 81 with customers outside of Spain, cover actively marketed products that are generating revenues. The remaining 57 licenses, all but one of which are with customers outside of Spain, are for products that are awaiting regulatory approvals. Additionally, we have 16 contract manufacturing agreements in effect in Spain and six contract manufacturing agreements in effect for international customers.

Consolidated operating expenses increased 31% in the first quarter of 2006 to approximately $12.0 million. This increase resulted from a $1.6 million increase in research and development costs and a $1.5 million increase in general and administrative expenses. Increased research and development costs in the quarter were primarily directed toward the advancement of Bentley's clinical program for the development of intranasal delivery of insulin. Research and development expenses also included approximately $140,000 of share-based compensation expense which was not required to be recorded in previous periods. Research and development costs represented 10.3% of first quarter 2006 revenues compared to 5.6% of revenues in the same period of the prior year. General and administrative expenses, which included approximately $300,000 of share-based compensation expense which was not required to be recorded in previous periods, represented 15.9% of first quarter 2006 revenues compared to 12.4% of revenues in the same period of the prior year.

Quote from: la-onda on May 10, 2006, 11:38:11 AM
good results but stopped out 

Oliver,

What was tha-at this morning?   Who would want to sell those earnings that badly?  I don't know about these low volume stocks.      

Sorry that you got stopped out.  Dang it. 

BNT: Roth Capital Ups to Hold from Sell; Ups Tgt to $12.5 vs $10; Analyst Notes
Thursday , May 11, 2006 08:52 ET
Issuer: Bentley Pharmaceuticals, Inc. (NYSE: BNT)
Analyst Firm:  Roth Capital Partners Inc.
Ratings Action: UPGRADE
Current Rating: Hold (from Sell)
Target Price Action: INCREASE
Target Price: $12.50 (+25.00% from $10.00)
Analyst Comments: The firm's upgrade is due to BNT's Q1 results.

28 slides presentation:
http://wsw.com/webcast/rrshq8/bnt/

BNT: Goldman Sachs Starts @ In-Line; Analyst Notes
Wednesday, May 17, 2006 08:01 ET
Issuer: Bentley Pharmaceuticals, Inc. (NYSE: BNT)
Analyst Firm:  Goldman Sachs & Co.
Ratings Action: INITIATE
Current Rating: In-Line
Analyst Comments: The firm's outlook for smaller generics is framed by revenue concentration, competition and cost disadvantages. Their favorite small-cap ideas are PRGO and BNT while BRL/OP and MYL/OP remain their top overall picks.

&

BNT: Short Interest DN 2.8% to 2.5M in May 2006
Friday , May 19, 2006 17:16 ET

According to new short interest data from NYSE, short interest for Bentley Pharmaceuticals, Inc. (NYSE: BNT) DECREASED 2.8% to 2,520,975 shares for the month ended mid-May, 2006.

SYMBOL             APRIL             MAY          CHANGE       %CHANGE    DAYS/COVER
--------   -------------   -------------   -------------  ------------  ----------
BNT            2,593,388       2,520,975         -72,413        -2.79%          11

Based on BNT's 20-day average daily share volume of 239,205, it would require approximately 11 day(s) of buying to cover this short interest.

upgrade:

BNT: Raymond James Ups to Mkt Perform from Underperform; Analyst Notes
Wednesday, May 31, 2006 09:05 ET
Issuer: Bentley Pharmaceuticals, Inc. (NYSE: BNT)
Analyst Firm:  Raymond James Financial Inc.
Ratings Action: UPGRADE
Current Rating: Mkt Perform (from Underperform)
Analyst Comments: The firm's upgrade is based on valuation.

Quote from: Melf Elf on March 10, 2006, 10:19:11 AM

Quote from: la-onda on March 10, 2006, 09:30:53 AM
another downgrade 
conspirancy???

BNT: Roth Capital Cuts to Sell from Neutral; Cuts Tgt to $10 vs $12; Analyst Notes
Friday , March 10, 2006 08:59 ET

Oliver,

That particular target leads me to think that the downgrade is based on the chart technicals.  BNT completed a four month H&S top near the open yesterday on heavy volume, which put a target of 10.33 IN PLAY.

Back on March 9 when BNT broke below the Head & Shoulders Top near $17, given the good fundamentals, it didn't seem likely that the 10.33 target that was IN PLAY would get MADE, but exactly 3 months later, BNT printed a low of 10.36 on Friday, June 9.

A few observations:

1. "When good fundamentals aren't being borne out in the chart, I defer to what the chart is telling me."

The technicals don't always trump the fundamentals, but when a big pattern like this one gets broken to the downside (the March 9 break of the H&S Top), "don't fight the trend" isn't a bad idea.

2. This stock has had big short interest, although there was a decrease in April. 

"When a trend is bearish, don't assume that the shorts are wrong." 

The shorts were very right about BNT.  The decrease in short interest in April meant that they were covering after the stock went down, and that they were taking profits.  Good play.

3. Oliver (la-onda) and I played the countertrend rally in April-May, looking for a rally to the bottom of the Kumo and to the 200DMA, both near 14.60.  BNT got only to 14.19 on May 10 earnings, then it tanked to the 10.33 target IN PLAY.

"Targets against the trend are less likely to get MADE."

In hindsight:

a. I should have taken the profit offered in the 13.00s since it was a short-term scalp against the dominant trend (bearish).

b. Maybe I shouldn't have taken the trade at all since it was "fighting the trend."   

4. As far as the analysts downgrading this stock (or any other stock) is concerned, I never worry about that.  No analyst is powerful enough to take a stock down for more than a day or three if the chart is bullish.

My favorite example of that is UBS downgrading the Broker/Dealers on May 2, 2005.  UBS specifically downgraded LEH, MER and GS in the sector.  UBS couldn't have been more wrong.  The market didn't agree with their downgrade.  That was THE PRINT LOW in the Broker/Dealers! 

Over the next year:

GS rallied from $94 to $169.

LEH rallied from $43 to $78

MER rallied from $52 to $81

In other words, when Roth Capital cut BNT to $10 on March 9, I couldn't argue with them, whatever their reason was.  Based on the chart action,  the break of the H&S top that day put Target: 10.33 IN PLAY.   

Friday's print of 10.36, more likely than not, is a case of "the technicals trumping the fundamentals," and probably has little or nothing to do with the fundamentals, per se.



 

Bentley Pharmaceuticals Recognized as One of Fortune's 100 Fastest Growing Companies
Thursday , July 06, 2006 08:00 ET

EXETER, N.H., Jul 06, 2006 (BUSINESS WIRE) -- Bentley Pharmaceuticals, Inc. (NYSE: BNT), a specialty pharmaceutical company, announced today that it is has been ranked #37 by the Fortune Small Business 100. This marks the third consecutive year that Bentley has been included on this list, which appears in the July/August issue of FORTUNE Small Business and at www.fsb.com. In 2005, Bentley ranked #49. Current rankings are based on three-year earnings per share, revenue and performance growth.

John A. Sedor, President of Bentley, said, "It's an honor to once again be selected and recognized as one of America's fastest growing companies by FORTUNE Small Business. We continue to be excited about the direction of the Company as we enter into the 2nd half of 2006. We remain, focused on maintaining a strong operational and financial position to support the growth of our specialty generics business and our intranasal insulin development program."

Bentley Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on advanced drug delivery technologies and pharmaceutical products. Bentley's proprietary drug technologies enhance or facilitate the absorption of pharmaceutical compounds across various membranes. Bentley also manufactures a growing portfolio of generic and branded pharmaceuticals in Europe for the treatment of cardiovascular, gastrointestinal, infectious and CNS diseases through its subsidiary, Laboratorios Belmac, and markets these pharmaceutical products through its subsidiaries, Laboratorios Belmac, Laboratorios Davur, Laboratorios Rimafar and Bentley Pharmaceuticals Ireland; and manufactures and markets active pharmaceutical ingredients through its subsidiary, Bentley API.

Quote from: Melf Elf on June 11, 2006, 06:33:04 AM
A few observations:

1. "When good fundamentals aren't being borne out in the chart, I defer to what the chart is telling me."

The technicals don't always trump the fundamentals, but when a big pattern like this one gets broken to the downside (the March 9 break of the H&S Top), "don't fight the trend" isn't a bad idea.

Similar situation, coming into November earnings. 

It isn't always clear from the chart, going into earnings, whether to hold or to sell.  Some 3SOF members routinely sell, and I sure don't blame them.

In this particular case, the chart was looking ominous, ahead of earnings.

Nov 2 (Reuters) -

BENTLEY PHARMACEUTICALS INC. (BNT.N: Quote, Profile, Research)

Latest Forecast* No. of Yr ago

analysts qtr EPS (diluted, $/shr) -0.33 -- -- 0.11 Net ($ million) -7.2 -- -- 2.5 Total revenue

--The specialty pharmaceutical company said in the latest quarter it incurred charges of $8.9 million in litigation costs, as well as severance and other executive termination charges of $600,000.

--For the latest third quarter, two analysts on average had expected the company to earn 8 cents a share, before exceptional items, according to Reuters Estimates. (Reporting by Rakesh Sharma in Bangalore)

© Reuters 2006. All Rights Reserved.

Melf Elf, may I kindly ask for an TA update?
I will provide FA update 

thanks in advance
Oliver

latest news:
Bentley Pharmaceuticals Named One of Forbes 200 Best Small Companies
Thursday November 16, 7:30 am ET

EXETER, N.H.--(BUSINESS WIRE)--Bentley Pharmaceuticals, Inc. (NYSE: BNT - News), a specialty pharmaceutical company, announced today that it has been ranked number 95 on the Forbes list of America's 200 Best Small Companies. This is the second consecutive year Bentley has been named to what Forbes describes as a list of "the most robust, fundamentally disciplined public outfits . . ."

The Forbes 200 Best Small Companies list include those public companies with sales between $5 million and $750 million and a share price over $5 as of September 29, 2006, with three-month average volume of 10,000 or more shares. For the past 5-year and 12-month periods, these companies must hold profit margins of greater than 5%, with positive sales and profit growth on average. The companies included in the list are ranked on their current and historical financial performance. Sources of the list are Reuters Fundamentals and Institutional Brokers' Estimate System via FactSet Research Systems. These analyses were done independent of Bentley. For Bentley's historical financials, refer to our website at www.bentleypharm.com.

John A. Sedor, president of Bentley, said, "Bentley has executed a strategy of balanced growth, delivering steady, profitable performance. We are pleased that Bentley's inclusion in the list of America's 200 Best Small Companies acknowledges this track record. Looking ahead, we will continue to capitalize on our proven strengths in specialty generic pharmaceutical markets, as we aggressively pursue higher-margin opportunities based on our patented drug-delivery technology. We believe that this hybrid business model will continue to drive Bentley's growth."

Q3 result statement with Q4 outlook & Short Squeeze Data

Quote from: la-onda on November 22, 2006, 11:26:00 AM
Melf Elf, may I kindly ask for an TA update?
I will provide FA update 

thanks in advance

Oliver

The 10.18 "M-Top" target MADE on the third day of the earnings crash.  The Bearish Rising Wedge targets still are IN PLAY.

BNT update part 1

part 2