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I will be dialling in later so will update you all of there is anything worth reporting.

Well they weren't catastrophic but here we are below 1000p. Overall $2BN still expected, not bad. Good progress on injectables. But generics revenue downgraded YET AGAIN, never a good thing, if they just downgraded to $600m the first time it wouldnt be received so badly but the fact is this is now the fourth time in 6 months that they've downgraded guidance for the generics division, as well as low single digit margins expected on generics this was a very bad update on generics. Branded not bad but not great, basically no growth from 2016 numbers expected. However, as I suspected, as I said it would be, advair is the killer blow. No chance of launch any time soon, remember they will need to re-apply to FDA once this final issue is resolved and that is a lengthy and tedious process. That means we can't expect advair to make a meaningful contribution to 2018 revenue. This is obviously what the shorters already knew all this time but we can't say it's a surprise, pretty obvious there wasn't going to be positive news on Advair with what we've seen in the last few months. 6% down already today how much lower are we going to go? What's going to stop the freefall with potentially no news until March 2018? I don't know how much longer I can sit here watching my losses grow. Is it time to move on?

Future cash flow value per share = £20.67! This is based on next 5 year's cash flow based on consensus of 6 analyst's estimates for next 5 years, using a discount rate of 8.3% based on a risk-free rate of 1.49% and a USD/GBP rate of 0.72. Now alot of the assumptions used can vary significantly most notably future earnings and cash flow estimates, and also the ever fluctuating USD/GBP rate. Even if we discount some of these future cash flow estimates by an even higher discount rate, we come up with a cash flow value p/share much higher than current SP - at least 1500p based on lower end of estimates. Now that really makes you wonder what the hell is playing out here. What's in store for Thursday? Hard to be optimistic given the short interest and SP action. If more bad news sends these further south I will sadly be forced into trying to bring down my average cost once again. Is there a risk of catastrophe here, bankrruptcy, a company with c8000 employees and over 2000 different products? I think not. I will have to reassess on Thursday but unless the results are meaningfully below previous guidance, I will painfully hold on with the hope that things look a lot brighter this time next year. GLA

No doubt the fundamentals are solid, Hikma has a tremendously strong balance sheet, huge amounts spent on R&D over last 5 years (current SP would make you think all that investment is going to yield 0 return!), very robust distribution channels, and a strong pipeline of new products with hundreds more in development. No argument there. My main source of confusion - if the shares are so cheap then why no share buyback, director buying or more shares acquired by the Darwazah family holding company? They know more than us about how cheap the shares are right? Obviously those in the know don't think these are as cheap as we do. It will take a miracle for these not to go below 1000p short term. Give the recent share price action one can only assume that we're in for more disappointment at the next earnings release. Question is, is it really worth realising a massive loss now when we know the company is and will be worth more than current SP would suggest? This is going to take a lot of patience before many of us are even breaking even again. GLA

Certainly hope this doesn't have "alot further to fall", surely we've suffered enough!?! Another disappointing set of results would likely send us below 1000p in the short term, but I am hoping not by much if at all! We're already in November so surely we need some kind of positive update on Advair now for it to have a significant impact on 2018 revenue?? If no material progress has been made with advair then we'll see yet another downgrade to guidance, but this time it would be to next year's earnings...a worrying thought. GLA

So true, no point investing in shares without a long term view. I picked up a fair few cheap stocks in 2009 from Barclays to Taylor wimpy I also got BDEV for around 70p and sold for quick gains, if i just held them I would have multi bag returns, 10-12 times in some cases. It's easier said than done of course especially when you're losing money, it's easy to think you'll make it back quickly. The trick is to find fundamentally solid business which are being materially mispriced by the market, I think hikma is a perfect example in that respect. A company with serious growth potential in US and MENA (long term) yet 0% growth is currently priced into the share price. I hope being patient pays off this time! GLA

I have accepted that there will be no recovery short term and I fully expect their upcoming results to fall below expectations yet again causing a slide towards 1000p. The market is very short-term focussed and hikma is well out of favour, nobody cares about the solid fundamentals and long-term potential, all the negativity and continuous revenue downgrades have dominated sentiment. I can see another downgrade to full year revenues on the horizon, and i suspect that this news has already leaked hence the massive short interest, but I'm sitting on a c30% loss already so another fall 10% or so fall wouldn't bother me since I'm already resigned to the fact I'll have to hold these at least another 3-5 years to have any chance of recouping at least some of my losses! GLA

We need to remember that as retail investors we are always the LAST to know, the question is what is it now. Why the continuous increase in short positions? 5.5% is an enormous amount of short interest for a company this size! I can't say I'm overly optimistic about the November update, the II's obviously know something that we don't, yet... GLA

5.4% short interest now, still rising... I guess just dismissing all the legitimate concerns I've raised makes you feel better about your position GoldandOil? You can't answer any of the questions i raised, not a great argument for being bullish is it.

I'm just saying, it's the 23rd most shorted stock in the UK. When I look at the other companies in the top 25 I see compelling reasons why they deserve to be there, from serious fraud investigations and accounting scandals to multiple profit warnings. I don't see Hikma as being in as much in trouble, or any trouble for that matter, so I wonder what it is that I'm missing? I can understand why there is little faith in the board's forecasts given the fact that they can't get a 3 month forecast correct never mind accurately telling the market what revenues and profits might look like in 12 months! There is also the puzzle around why there has been such a huge decline in director buying this year, what used to be 'Regular' transactions have now ceased completely, why? The last meaningful insider transaction was a huge sell in April, if only I had paid more attention to this back then! So can anyone tell me why the heavy and increasing short interest, and why has the Darwazah family suddenly lost interest in accumulating shares? Could this fall another 20-50%? Unfortunately i think it can, and that's why I'm thinking of bailing out even though my average cost is 1589p. GLA

Up to 5.3%!!! This is one of the most shorted stocks in the UK! I am shocked given that the shares have already fallen c50% from their high this year!! How much more can these go down!? Seriously thinking of cutting my significant losses and moving on here

Yes it is important to keep in mind that even a positive update on advair won't cause a big upward move in the share price, certainly not up to anywhere near 1800p any time soon. Only hope we have is that earnings beat estimates over the next 2-3 quarters as even an improved guidance from management won't carry any weight since their guidance has been so unreliable recently. It will probably be mid-November before we get Q3 results, which really need to show some serious optimism to stop the share price rot. The short interest is still at 4.2% so these guys are obviously banking on another disappointing quarter or a further downgrade of revenue/profit expectations. GLA

Yes the directors often bought lots of shares, it was once a regular occurrence but there have only been two relatively small director buys this year, back in April. Nothing since. Should have took notice when c£1.5M of shares were sold by directors back in March/April... feel like a fool that I've kept buying this all the way down to here, and it's still falling!!

Still at 4.7%, rather unsettling. Management revising downward again and again hasn't helped matters as it shows a lack of foresight on their part and doesn't fill investors with confidence. I'm holding for the long-term, very heavily invested now since I have been buying all the way down from 1800p. But I must say the short interest is making me think seriously about trimming my position even at a hefty loss. This has been a painful journey, every time i think the stock can't possibly get lower guess what. Anyway, best of luck to you all, hopefully some better days ahead...

Astonishing price target of 480p IMO very pessimistic. Although I can see this re-testing 550p near-term based on this as other brokers may follow with further downgrades. Also interesting to note 5.3% short interest in the stock with Old Mutual and Blackrock the most notable funds with sizeable short positions. Long-term I think it's a fantastic company and world-leader in its field, I've followed the stock for a while and was invested throughout the drop all the way down to the year lows. Only have a small position now and will wait and see before topping-up. GLA

No doubt patience is required here, at least 12 months IMO before sentiment improves. Pharma sector overall has been hit hard recently and this stock has been the worst hit of all. Need to remember Warren Buffett's first stock investment, he was down 60% in the first year, and the following year when the stock recovered, he sold for a c10% profit. The stock then went on to increase 10-fold. It was then that the Oracle of Omaha that investing in stocks is a Long-term game. If you don't have patience this is the wrong game for you. Hold tight and your patience will eventually be rewarded IMO. This is a great company with huge growth potential, none of this growth potential is currently being reflected in the share price so I think there is an opportunity here to take advantage of a fundamental mispricing in the market. In the short term with the short interest in the stock, I wouldn't be surprised to see us test 1100p again. However, I am in deep here with no intention to sell. I will ride out the storm, the worst is most certainly already over. Patience indeed....GLA

I was shocked to see 4.5% last week even more shocked to see it has increased to 5.1%! That's awfully high for a company of this size. JP Morgan and Blackrock are the two most notable shorting this stock.

Increased to 14.2%

Giving up? That's not good to hear. No quick recovery here I'm afraid, although I'm happy to hold as I think sentiment will improve massively over next 12-18 months, right now no growth is priced into the stock. Fundamental mispricing imho. Short term I see us re-testing 1150p and once a firm double-bottom is established the worst will hopefully be over. The only way is up from here, surely? GLA

I know he was writing to the AIM encouraging them to conduct a full independent investigation on Telit. If his claims had any merit I'm sure the AIM and LSE would have been obliged to conduct a full independent investigation by now. The fact that these requests have been dismissed without merit says it all. Again, I feel sorry for people who read that 'dossier' and took it for gospel without actually verifying any of it themselves, every single distributor is listed on Telit's website with details of website etc. It wouldn't have taken long to see TW was spouting pure nonsense without any reasonable basis, and in hindsight it was probably the most desperate, fiction-filled article I have ever read. Oozi Cats wasn't a man of integrity, but compared to Tom Winnifrith....?