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No one single factor, but there are a couple in the background.
SYNC was/is trading at a slight premium to today's core valuation (201p ish), that means that until there's evidence of progression it is technically overvalued on a daily basic, however SYNC might be seen as a longer term play and a growth story, so the valuation sits within a wide band, probably 200-250p at the moment. Clinical trial data will help/hinder this depending on their content.
They had a 5 month delay earlier this year at their manufacturing site (its pretty ninja high-end stuff, no room for errors) and that didn't help.
Throw in Brexit and a high exposure to AUTOLUS, who discontinued one trial and had a technical short overhang related to Woodford having a high stake in Autolus, he had to clear out a huge amount of Autolus stock and that put downwards pressure on both stocks.
I believe the above issues have all now been sorting out - manufacturing is switched on and the trials seem to be progressing forward, plus Woodford is gone.
https://citywire.co.uk/wealth_manager/investment-trusts/investment-trust-factsheet.aspx?FundID=3671
Check NAV. Currently around 201p/share. Maybe this is your answer? Last year's performance (NAV) isn't too much satisfactory either.
Any reason for the sudden price drop? I would have thought that the last two investments would have held if not increased the SP???
Not tempted by buying US shares?
I kinda wish it was slightly easier, automated perhaps, to buy US shares without having to fill in the US tax form. OK it's mostly a mental barrier in my mind, but if it could automatically connect to my ISA details?
The answer was yes. The premium went quite low recently and now recovering to 7.23%. I was questioning the justification for a premium, but with no other way into the stocks on the portfolio then I remain in.
Please can someone help. Does the low NAV on their website include the £400m in cash?
...I have sold out at last. Good luck to all who still hold.
I do not like this chart, even though SYNC does not appear to be doing anything wrong. Today's sharp -8p to under 250p inclines me to say goodbye tomorrow if there is not a sharp move back.
....why the RNS about Autolus taking first step to getting own listing in the States should see SYNC SP down 3% today!
This IT has lost about half its premium value in the last few months and seems to have gone from darling to dragon.
Glad I halved holding before but still feel this is a quality holding and over time will do well.
The latest Auto 1 results are OUTSTANDING.....,
Now we know why it’s been falling!
having reread the RNS it looks as if all they have done is to make their cash element more liquid, nothing at all to do with not looking for new opportunities, sorry for the inaccuracies in previous post.
Yes that seems to be the case, don’t trade myself, BTW today’s RNS seems odd to me, looks as if sync are content with their portfolio and are not looking for anything new. ATB
abacus, I would say we are currently stuck in a 250p (min) and 300p (max) channel, you can see the price rebounding everytime it hits 250p, bouncing back down everytime at around 300p. Quite nice to trade if you have the balls for it. Seems heavily driven by sentiment
Well that’s gone down well -not
With a large slug of cashy from the bid SYNC are even now very underpriced. Have proved many times now that they pick winners.
Thanks for that Azurite, thought Syncona might have issued an RNS saying as much.
Have i missed something?
I now reckon SYNC is cheap, in spite of its large premium.
Blue Earth is making ~ £44mpa profit with sales revenue growing at ~15% per quarter. Give that steady global rollout another 12-18 months and BED will require a significant valuation uplift.
Wonder who the two new companies due to be added to the portfolio are?
There's still news around.
I think the quarterly news update is scheduled for tomorrow (13th Feb).
.... seems to have dried here. I think that has affected the upward move of SP.
Looks to me this is on a downtrend still.