MEMY - Sector: Healthcare --- Industry: Biotechnology & Drugs

[gmarc66]

I was just hunting around and I found that this Memory Pharmaceuticals company had several very large insider buys today...one is for a value of $6million!. Here is the insider buy link:

http://www.secform4.com/insider/pennybuys.php

So then I checked for news and found the 2 last news releases on Sept 22 and Sep 21.

Here is the link...tab down the page to see news:

http://www.stockhouse.com/comp_info.asp?symbol=MEMY&table=LIST


Now, it closed lower than it opened today...and yet there appears to have been an after hours trade of $2.06 x 3045shares..the link:

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=memy&sid=0&o_symb=memy

The chart shows that this has been on a downtrend and perhaps has finally hit bottom...here is the chart link:

http://stockcharts.com/gallery/?memy

So here is Sept 22 news:

Memory Pharmaceuticals raises USD31m in financing
9/22/05        

Sep 22, 2005 (M2 EQUITYBITES via COMTEX) --
Biopharmaceutical company Memory Pharmaceuticals Corp (Nasdaq:MEMY) has entered into a definitive purchase agreement concerning a private placement.

The private placement involves an aggregate of approximately 16.1m newly issued shares of common stock being issued to both new and existing institutional investors and other accredited investors. The stock will be priced at USD1.90 per share.
In addition the company will issue warrants for the purchase of an aggregate of approximately 5.6m additional shares of common stock at an exercise price of USD2.22 per share to these investors. Gross proceeds of some USD31m will be raised in the financing, which is expected to close on or about 23 September 2005.

Memory Pharmaceuticals said that it intended to use the net proceeds to advance its clinical, preclinical and exploratory research programmes and for other working capital and general corporate purposes.

Comments on this story may be sent to [email protected]

(C)2005 M2 COMMUNICATIONS LTD http://www.m2.com

I don't understand exactly what all this means....just wondering if this is perhaps an opportune time to buy this stock...does anyone think this is a stock that is ready to move based on the findings in this post?

appreciate any comments

thank you

julia
have a great weekend.

[gmarc66]

Woops..meant to put this in stock talking section.

see if Rams or David can move it.

julia

[wisebuys]

Good hunting.
Do you know what happened on 8/4 to create the spike to 4.49?

[gmarc66]

No, Wisebuys I don't...the oldest news headlines I could locate were from Sept 16,04..Sec form 8-Ks.
http://finance.yahoo.com/q/h?s=MEMY&t=2005-05-10T11:13:26-04:00


company website:

http://www.memorypharma.com


I will continue to watch it...see where it leads.

julia

[ScottishTrader]

Hi Julia and anyone else checking out MEMY,

Having had a brief look at the background, charts etc., I think this one could be worthwhile for a speculative short-to-medium term play...

The insider buying definitely helps, as company officers and a major investor all evidently firmly believe that share prices will move up from here.  Looking at the charts, yesterday's prices bounced off the all-time low of 1.75 yesterday, which equalled a previous low set at the beginning of July - could this be the double bottom of a long term trend reversal??  And the price moved up over 13% in after hours trading above the next support level at $2.00 to stand at 2.06.  If it can hold this level on Monday, it may continue to make further gains.

As for the August spike, that was a price spike in run-up to earnings on Aug 9th.  If you look at the daily chart, there were continued higher openings for the previous  days, and then it sank back to where it had been on release of their quarterly earnings.  Perhaps people had been expecting some big things, but for a loss-making biotech that doesn't have any products to market yet, I'm not sure what that would be.  Could well have been a MM momo play too 

My feeling with this one is that it could either stay around the $2 mark for some time to come, or it may gain the momentum to reverse its long-term down trend.  This would only be confirmed by a break of higher resistance at $2.62.  The insider buying looks to have given it some support, so it might even be worthwhile for a short term trade within this range too???

Just my thoughts, and would be happy to hear some other views.  Here are the charts

[wrangler]

Julia
Sent you reply to you're post concerning MEMY at insider buying thread.Also gave you another one to look at ALAN.

[eliteG]

Hi Julia and anyone else checking out MEMY,

Having had a brief look at the background, charts etc., I think this one could be worthwhile for a speculative short-to-medium term play...

The insider buying definitely helps, as company officers and a major investor all evidently firmly believe that share prices will move up from here.  Looking at the charts, yesterday's prices bounced off the all-time low of 1.75 yesterday, which equalled a previous low set at the beginning of July - could this be the double bottom of a long term trend reversal??  And the price moved up over 13% in after hours trading above the next support level at $2.00 to stand at 2.06.  If it can hold this level on Monday, it may continue to make further gains.

As for the August spike, that was a price spike in run-up to earnings on Aug 9th.  If you look at the daily chart, there were continued higher openings for the previous  days, and then it sank back to where it had been on release of their quarterly earnings.  Perhaps people had been expecting some big things, but for a loss-making biotech that doesn't have any products to market yet, I'm not sure what that would be.  Could well have been a MM momo play too 

My feeling with this one is that it could either stay around the $2 mark for some time to come, or it may gain the momentum to reverse its long-term down trend.  This would only be confirmed by a break of higher resistance at $2.62.  The insider buying looks to have given it some support, so it might even be worthwhile for a short term trade within this range too???

Just my thoughts, and would be happy to hear some other views.  Here are the charts

Thank you for this info and the great charting ScottishTrader (applaud)

Julia, I think this pick might get hot but, its a big BUT  , you gotta have volume come in.  What i see is that if MEMY is on pace monday for over a million shares you got a 50% rise minimum.  A close above the 200 day and this one could easily attack 5 but its all about the volume on this guy.  Average volume sucks and that means you could get stranded with an early buy.  Lets see if MEMY likes Monday.  (applaud!)

[gmarc66]

Hey Scottishtrader, Eliteg and Wrangler1

thanks for your posts..I will keep MEMY on radar and watch to see what happens with MEMY, lets see if some volume kicks in?

I will look for your bullish indicators!

Hey Wrangler, I replied to your post in the insider buy thread...MEMY has it going on in two threads...I'm getting dizzy

Also, Wrangler is looking at ALAN, that also had insider buys on Sept 23...maybe u would want to look it over also and share any comments on that as well.

thanks guys!!! lots of great info and help as always

enjoy the rest of your weekend!

julia

[gmarc66]

Hey Guys....maybe there really is something to those huge insider buys...cause its up pre-market....What's Up!!!!


julia

[gmarc66]

Thought i would post this link from stock talking over here.

There were some large insider buys on Friday sept 23....one for $6 mil..not sure what is up exactly...however...premaket is up and moving this morning on MEMY.. ...check out the thread for further details.

http://www.3stocksonfire.org/trading/index.php?topic=2845.0

Also, news this a.m.


Memory Pharmaceuticals Completes Safety and Tolerability Study of MEM 1003
9/26/05       

Preparing to Commence Dosing Patients in Phase 2a Trial

MONTVALE, N.J., Sept 26, 2005 /PRNewswire-FirstCall via COMTEX/ --
Memory Pharmaceuticals Corp. (Nasdaq: MEMY) today announced that it has completed the dosing portion of the safety and tolerability study of MEM 1003 in Alzheimer's patients. The Company also announced that it now expects to commence dosing patients with mild to moderate Alzheimer's disease in a Phase 2a clinical trial in the next several weeks.

"This study has provided us with valuable information about the safety and tolerability of MEM 1003 in Alzheimer's patients, which has been integral to the design of the Phase 2a clinical trial. We are now moving forward into the Phase 2a clinical trial with a solid understanding of the safety and pharmacokinetic parameters for this drug candidate," said David A. Lowe, Ph.D., Chief Scientific Officer of Memory Pharmaceuticals. "We look forward to sharing top-line results from the safety and tolerability study during the fourth quarter."

The Phase 2a proof of concept study for MEM 1003 will be a multi-center, randomized, double-blind placebo-controlled study to evaluate the safety and efficacy of MEM 1003 in patients with mild to moderate Alzheimer's disease.

The safety and tolerability study was conducted under a U.S. Investigational New Drug Application. The study consisted of two segments, a double-blind dose escalation phase and a double-blind treatment phase. In the first segment of the study MEM 1003 or placebo was administered to 49 patients two times on one day. Patients in this segment of the study were treated at escalating doses of MEM 1003 that reached 120 milligrams per dose. In the double-blind treatment segment, 32 patients received 120 mg of MEM 1003 or placebo twice daily for a period of ten days.

MEM 1003 is a neuronal L-type calcium channel modulator that Memory Pharmaceuticals is developing for the treatment of AD, a progressive neurodegenerative disorder for which there is no known cure. By blocking L- type calcium channels, MEM 1003 may regulate the flow of calcium and reestablish normal levels of calcium, thereby enhancing cognition and reducing progression of the disease.

About the Company

Memory Pharmaceuticals Corp., a biopharmaceutical company, is focused on developing innovative drugs for the treatment of debilitating CNS disorders such as Alzheimer's disease, schizophrenia, depression, vascular dementia, mild cognitive impairment, Parkinson's disease and memory impairments associated with aging. For additional information, please visit our website at http://www.memorypharma.com.

[Amarens]

gmarc66,

Check the symbol first. There already is an active topic on MEMY, including this information. It helps to keep the boards clear  .

Thanks,
Amarens

[wrangler]

This is probably it Julia and is probably reason for the insider buying.
Press Release Source: Memory Pharmaceuticals Corp.


Memory Pharmaceuticals Completes Safety and Tolerability Study of MEM 1003
Monday September 26, 7:00 am ET 
Preparing to Commence Dosing Patients in Phase 2a Trial


MONTVALE, N.J., Sept. 26 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY - News) today announced that it has completed the dosing portion of the safety and tolerability study of MEM 1003 in Alzheimer's patients. The Company also announced that it now expects to commence dosing patients with mild to moderate Alzheimer's disease in a Phase 2a clinical trial in the next several weeks.
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"This study has provided us with valuable information about the safety and tolerability of MEM 1003 in Alzheimer's patients, which has been integral to the design of the Phase 2a clinical trial. We are now moving forward into the Phase 2a clinical trial with a solid understanding of the safety and pharmacokinetic parameters for this drug candidate," said David A. Lowe, Ph.D., Chief Scientific Officer of Memory Pharmaceuticals. "We look forward to sharing top-line results from the safety and tolerability study during the fourth quarter."

The Phase 2a proof of concept study for MEM 1003 will be a multi-center, randomized, double-blind placebo-controlled study to evaluate the safety and efficacy of MEM 1003 in patients with mild to moderate Alzheimer's disease.

The safety and tolerability study was conducted under a U.S. Investigational New Drug Application. The study consisted of two segments, a double-blind dose escalation phase and a double-blind treatment phase. In the first segment of the study MEM 1003 or placebo was administered to 49 patients two times on one day. Patients in this segment of the study were treated at escalating doses of MEM 1003 that reached 120 milligrams per dose. In the double-blind treatment segment, 32 patients received 120 mg of MEM 1003 or placebo twice daily for a period of ten days.

MEM 1003 is a neuronal L-type calcium channel modulator

[setravis]

I searched there is not an active topic on this.
Julia it is up this morning.......

[catrader]

actually there is another thread started by gmarc666 too, http://www.3stocksonfire.org/trading/index.php?topic=2845.0 .  guess originally posted somewhere and Ramsburg moved it to stock picking.  guess both thrads  have good info.

[wrangler]

MarketWatch
Market Pulse: Memory Pharma shares rise on progress for Alzheimer's drug
Monday September 26, 10:23 am ET
By Mark Cotton


NEW YORK (MarketWatch) -- Shares of Memory Pharmaceuticals Corp. rose 38 cents, or 21% to $2.21 after the company reported progress in its in-research development of a treatment for Alzheimer's. The Montvale, N.J. company said it expects to commence treating patients with mild to moderate Alzheimer's disease in a Phase 2a clinical trial over the next several weeks after completing the dosing portion of a safety and tolerability study of its MEM 1003 drug. MEM 1003 works by reestablishing normal levels of calcium in patients affected by the neurogenerative disorder leading to an improvement in cognition and a reduction in the progression of the disease.