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Bid has dropped a bit in the back. Looks like MMs just trying to catch PIs out by closing them out through margin calls. Markets all red today, so not reflection of a leak

@Arthuretta, I think it is an interesting debate on whether we will see a continued tight trading pattern till the Dec Trading Update, or whether we will see a continued drift up to, and above, 50p. There has been some of the regular (unchecked) exuberance here despite all past history being to the contrary, by the same regular posters. Putting aside the sabre rattling from Russia on a nuclear threat, we have see the ECB increase interest rates in the last few weeks, and now in this week the Fed and the BoE increasing their interest rate. Further macro headwinds on record levels of borrowing etc. All these macro challenges have been discounted here by the same posters who say "this is the last time to get in below 30p".

There has been some great news here of underlying strength such as contract extensions, corporate disposals, Schroeder's increasing their stake, and future reinstatement of dividend. But you only have to look at the narrative on the sale of ESS to see there is a delayed reaction by the market, which only materialises once sales have been completed and the funds received. Though the news of the 360 sale was a welcome surprise which did misstep some, the gross proceeds of c.£156m is subject to approval of Capita's shareholders at a to be proposed General Meeting of Capita shareholders; confirmation from the Secretary of State and FCA. So, the market may only give the sp the benefit when these conditions are met in late Q4 2022.

We will just have to see this week what the market makes of the rate increases and the mini-Budget on Friday. This morning was incredibly low volume, indicative of a lot of people still staying on the side lines. Make it of what you will.

Some interesting 300,000 broker trades sitting on the mid price again not to affect the sp

With thanks to the ever constant non-holding bystanders lying in wait for us too to be laid to rest...and apologies to the non-existent shorters who may be tempted to pull random figures out of the air for a quick win...To be fair for us both, the volume is low at present and so will not be swayed by any opinions positive or negative on a BB. Clarity is needed as the latest RNS has contrasted with past public expectations as outlined before. However the low volume is also indicative of itself. GLA

BoE has postponed interest rate decision till midday on 22 September to observe period of mourning. Expectation is rates to raise to 2.25%, the highest level since December 2008, so there'll be a market reaction which will be balanced by new Chancellor mini-budget and tax cuts to be announced on 23rd.

The press coverage has been uniformly unrelenting will not abate for the next month. Though not aired there are differing political views. For example, I was surprised by the arrests of even peaceful republicans, the lack of commentary on any IHT paid, or the cancelled operations on Monday especially given by the NHS backlog. Irrespective of your political stance, I cannot see the expected calls for a Scottish Referendum this year, nor the request for an immediate General Election and triggering of a vote of no confidence. Northern Ireland is awaiting resolution to the NI Protocol with expectations of a Customs Union. MPC meeting tomorrow and the Fed rate decision on Wednesday next week. So, although Truss will reveal financial support the Bears have now the momentum of news coverage till end of next week, and the Emergency Budget details.

Each to their own. For me a Phase 2a, or Phase 2b meeting would be a further requirement of the narrative given in the last year by TM and IIs may be entitled to feel misdirected then.

This written response has been a long time coming as there were hopes to get a Phase C go-ahead last year. Why would this not have been indicated by the FDA in the 9th Feb 2021 RNS? This was the final guidance meeting at which the FDA will reviewed the proposed methodology of the pharmacokinetic ("PK") study. So for example, why did the FDA not state then that a Phase 2b would be required post the Phase 1 PK Study. In this way there has been quite a few months wasted awaiting a Type C meeting response, where the aspirations were misplaced to begin with. This would be strange given that lupus is potentially life-threatening autoimmune disease.

We will have to see whether the large trades sitting on the mid-price are indicative of any background buying.

Would have had to think some background optimism by TM and Avion, for them to have bought 1,200,000 shares (@5p) and 10,909,091 (@11p) respectively. As this investment jars with the view that this response was expected. Will just have to see what the next RNS says now, and what the (revised) timeline is.

spread and margin requirements here tell a story here. Painful day, let's just hope TM pulls his finger out and issues another RNS tomorrow. Failing that, there should be a bounce regardless if you can get through today.

Cheers @MajorHayze for the link. As per the link supplied it suggests that the Sponsor has now 5 days to request "clarifications only" from the FDA, after which they (OTAT) will have 20 days to arrange a written response or tele-conference on the request for clarification. So, hopefully we should get another RNS before the end of the week as to the Avion response and if further clarification is required.

@Nolupus, what is being inferred if not explicitly suggested is that a repeat of the Phase IIb study, if not a Phase IIa study, is required to not only assess the dose regimen and dose requirements, but also the efficacy of drug at the prescribed dose regime. Perhaps even a pre-clinical toxicology study. This would suggest that the clock is being wound back to 2016 for IMM, hence the panic sale. I suspect that this will not be the case, hence still not subscribing to the suggested interpretation.

Sorry Nolupus however it does not read the same as the Press Release that you suggested, as of yet.

You had suggested that there would be an explicit requirement to undertake an optimized dosing study before commencing the P3 trial, whereas the RNS states "significant guidance on the study protocol that can be amended".

The difference between the two is that whereas the first requires a further Phase 2 PK Study, the latter suggests an amendment to the Phase 3 study protocol that needs to be agreed with Avion, before a way forward can be announced.

Clumsily worded for sure, and perhaps reflects that the written response has been just received. However, I await for hopefully a more measured clarification.

The problem with the suggested press release is that IMM have already completed a pharmacokinetic ("PK") study, as part of the new optimised international Phase 3 trial of Lupuzor. So, the PK study was a Phase I study to assess the presence of Lupuzor in the body after administration of a single dose. Appreciate that the study was carried out only a total of up to 24 subjects, but that also reflects the difficulty in getting subjects.

It also does not reflect that there was a previous Type C meeting in 2021. Nor that there has not been a joint steering committee developed consisting of a Board of Key Opinion Leaders ("KOLs") and a leading medical patient advocacy group.

I do have concerns here on the TM's performance, options/warrants, length of P3 study and potential of further dilution. However, I struggle to agree with the "over-the-wall" characterising of the type of the communication between the FDA and Avion/IMM. So, that we are are awaiting a binary, make-or-break decision that no one in IMM is aware of the direction of seems false. Hopefully for LTHs this goes their way, and there is enough steam to see us into the teens which is my target. Happy sailing to those who hang on thereafter for the P3 conclusion.

Shame, had hoped for a post-PM announcement rally. Not going to happen now. FTSE following DOW which is expecting an an "appropriate" 75 basis point raise by former Treasury Secretary, Larry Summers. So inflation not as bad, but rates will still go up. So we may see 25p again here unless there is some anticipation pre, or excitement post, the Yellowstone update. As others have noted some disposals could also kick-start things but CPI sales have been known to drag on a bit to negotiate, and even once announced take time to complete and funds to credit towards disposals.

Jobless rate has fallen to 3.6%, which is the lowest rate in 48 years. So would have expected a better reaction from market. However, I am baffled by the Unemployment Rate calculation nowadays, and think it just reflects those that are claiming benefits. Certainly when I walk on the streets I see more deprivation, which does not tally with the 3.6% boast, or that we are experiencing a post-Brexit/Covid jobs boom.
With the UK in 10-days of official mourning, corporate and government news is thin, and will be so till Tuesday 20th. This does coincide with the Yellowstone presentation. However, tbh there seems little anticipation and the expected rise to 30p seems stuck. However, as before it could be a reflection that is a reflection of the period that we are in.

Given that the agreed date from the FDA for providing its written responses was 29 August 2022, it seems with each increasing day/week a bit more incredulous to think that Avion have yet to receive any communication from the FDA, and that everyone is just sitting around waiting for news to land. We'll have to see if there are any idiosyncratic trades to suggest that there's been a background leak. If good, I really hope that they let this get into the teens for LTHs, before selling into the spike.

As suspected, a few taking advantage of getting the bad news out today. @AIM, fyi ASOS released a profit warning today as an example. So suspect your radar is going on overdrive. Will see if this impacts BOO as well.

There'll be no major macro plans announced till next week for obvious reasons. Will be interesting to see which companies and government ministries takes advantage to put out bad news discretely tomorrow.

May see some market reaction post 11am as Truss unveils energy plan.

good one @real_talk_xd

Bit of a disgrace the pump and dump we've seen here