August 24, 2022 (Investorideas.com Newswire) Expert Clive Maund reviews the latest news with Algernon Pharmaceuticals Inc., including the recent successful closing of its financing.
While not wishing to harp on endlessly about the same stock, I want to draw Algernon Pharmaceuticals Inc. (AGN:CSE; AGNPF:OTCQB; AGN0:XFRA) to your attention once again this morning because of two items of good news out of the company today.
This update also provides the opportunity to make clear how cheap the stock is historically by including a five-year chart.
The first item of good news is that the company has announced the successful closing of its financing, which was oversubscribed.
This will lift a restraint on the stock price.
The second piece of news is that Algernon’s largest shareholder has upped its stake significantly so that it now owns over 13% of the stock, which is, of course, a vote of confidence.
The five-year log chart below enables us to see how cheap Algernon is historically (it has been adjusted for a one for 100 reverse split about a year ago) and how it is still close to what is regarded as a cyclical low.
The price looks like it has just double bottomed with its lows late last year.
With regards to its upside potential from here, a key point to hold in mind is that there are less than 2 million shares in issue.
Given the company’s rapidly improving fundamentals and mounting investor interest, it isn’t hard to see how it could spike dramatically from this area – recall how it tripled in price in just two weeks back last January, a rally that we rode.
So the case for buying Algernon here could scarcely be stronger, and it is therefore considered to be in order to add to positions or make fresh purchases, and this is definitely a stock that is worth going overweight on.
Algernon Pharmaceuticals’ website.
Algernon Pharmaceuticals Inc. closed at CA$4.00, $2.99 on August 22, 2022.
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
1) Clive Maund: I, or members of my immediate household or family, own securities of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Algernon Pharmaceuticals Inc. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Algernon Pharmaceuticals Inc. Please click here for more information.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Algernon Pharmaceuticals Inc., a company mentioned in this article.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.
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