Unilife gets painful jab
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Small caps travel on the reputation of their managers, and if you need proof of that, you’d only need to look at the worst performer on the Uncapped 100 this morning.
Unilife Corporation (UNS) suffered its biggest drop in more than a decade due to concerns that it may be overpromising and under delivering as investors wait anxiously for the retractable one-use syringe developer to announce lucrative deals with pharmaceutical giants.
But cracks in Unilife’s “blue-sky” story following an article in Forbes triggered a 17.8% crash in the US and Australian listed stock this morning to 60 cents.
The article questioned how the $344 million market cap company can remain unprofitable after 11 years and cast doubt on the company’s ability to keep its many promises to investors.
Management has told investors to expect a number of material deals from global drug companies looking to use its syringes and many became believers despite the company’s poor track record in achieving its targets.
Even with this morning’s fall, the stock has still doubled in value over the past four-months.
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