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A company with c$400M in revenue expected this year, in a high-growth sector, is worthless? Without a CEO with questionable integrity, it's worth more. They have some top people in senior management, once this all blows over they will be ale to steer the company back towards success. I'm happy to hold throughout all of this turmoil, hoping for better days ahead. GLA

It's all about our top line. We're looking for something as close to $1BN (or higher, in a dream world) as possible for H1 revenue, that's the big number that all eyes will be on. However, given the share price reaction recently on no news, I expect as usual that we as retail investors will be the last to know and revenue for H1 will probably be well short of $1BN leaving management no option but to downgrade FY guidance again. The only positive is that the share price should already reflect this!! I would only expect a further fall in SP on Thursday if we're meaningfully below $900M for H1 revenue and management are forced to downgrade FY guidance to something like $1.8BN. Whatever happens, I'm a long way off any profit so I'm holding long term. In my opinion this company hasn't all of a sudden turned into a dog, or a fraud, it is a fantastically well run company with some of the best growth prospects in the sector. It's almost all gone, but I still have some faith, long-term at least...GLA

It is a small consolation that there are 3 fairly well-recognised, and reputable firms covering this company. It's reasonable to expect that they have all been thorough and diligent in their research, and that they have a sound basis to justify their recommendations. There's also the auditors, Ernst & Young as I recall. The reputations of all of these firms could be damaged irreparably if there turns out to be some serious accounting fraud, or material misstatements in the financial statements. If the problem is with the CEO only, then the company will be in better shape without him, the senior management team are very capable. We can only hope that the CEO has not been responsible for some scandal which is related to the company

After reading today's Motley Fool article, warning against buying any shares of this company, I am more worries now. The aggressive capitalisation of R&D costs is now being called into question given the large mismatch between profits and free cash flow. The company generates a negligible amount of free cash flow, if any, yet have reported steadily rising profits over the years. Without a corresponding increase in cash flow. The fact the CEO's integrity has now seriously been called into question makes the likelihood of fraud much greater, unfortunately. Given the short interest in the stock, it looks more of a trading opportunity at this level rather than a long-term value investment.

@Mulder, excellent summary of the fundamentals, thank you! They also have high insider ownership. The magnitude of today's drop given the volume, buys/sells, and the fact they had already tanked >40% from 2017 highs, is quite shocking. As early as this morning I reviewed some technical indicators, and convinced myself that a bottom was being firmly established here around 1400p...how wrong was I? I have decided against cutting my losses a number of times already all the way down, instead I have been averaging down, all the way down...sadly. The share price has behaved like the company is in catastrophic shape, wilst their financial statements say the opposite. I suspect there may be a further downward revision to revenue guidance when results are announced next week, and I hope that is all that's going on!

Me too, but I can't bear to sell at this price. I can't quite fathom why the shares are down almost 4% this morning as I thought we were consolidating a bottom here. With the share price action recently, with no change to fundamentals, I can't help but fear that something more meaningful than a revenue downgrade is on the horizon...it is painful watching this share everyday, hoping that nothing disastrous is happening, but also knowing that share prices don't fall this heavily based on a revenue downgrade alone...GLA

New lows everyday it seems, just when you think we've seen the bottom....close below 1400p is quite unnerving. Can only expect another downgrade to revenue forecast for 2017 at best, if not with such severe declines I'm wondering if there's more to it than just that.

Mkx007 - Q2 results due to be announced on 17 August. Can't see anything else on the horizon. Disappointed to see this fall again today, thought we had reached the bottom!

I've managed to average down a bit today at 1478 but I'm still down c13% overall. For the share price to be at the lowest level in more than 3 years to me is not warranted, when u consider the fact that there has been significant investment in R&D during that period as well as >42% in revenue and >98% increase in net assets. This is way oversold at the moment, it is one of the most volatile stocks in the pharma sector but I still wasn't expecting it to fall this low. Can't see much more downside although I said that at 1800p! It is still IMO one of the best growth stocks out there especially at these depressed levels. I'm happy to hold long-term and look forward to mid-2018 onwards when the company is able to launch more new drugs on to market and start soaring again. GLA

With current market cap just £3.6BN, a bid by one of the larger pharma companies wouldn't seem so far fetched. Given Hikma's geographical spread a bid from a US major would seem to make most sense

I would agree that anything below 1600p is a great entry point LONG TERM, and personally think this sell-off is way overdone. The delay in generic advair caused it to fall from c2200p post-earnings, and remember it is only a delay on one product. Hikma has one of the strongest pipelines of new products in the sector, with several new launches planned over the coming years. The delay of Advair is a blow to 2017 and 2018 earnings as the forecasts previously included significant revenues from generic advair. However, that is a short-term impact and I'm planning on holding this for 5 years or more. I was shocked to see HSBC price target so low today, makes me think there could be (unbelievably) even more downside in the short term. But I take analyst estimates with a pinch of salt as their price targets have a shorter time horizon in mind (usually 12-18 months). There is no doubt in my mind that this will soar again one day, and I'm prepared to hold throughout the pessimism for the good days ahead as I know the growth potential and intrinsic value of the company is much higher than today's share price would suggest. GLA

Well my other pharma holdings GSK & AZN rose today so I guess broadly positive, I also saw a late surge in HIK in the last hour of trade.

Is required in abundance here. It looks terrible, technically very bearish and new lows below 1600p today for the first time in a long time. Their pipeline however is still strong over the next two years and we have to be patient and wait for these to come to fruition. No point selling now as the downside from these levels is surely limited. However over the next 2-3 years I'm confident we'll see 2400p again. GLA

I appreciate 50,000 shares only represented 6.2% of his total stake, but it's still a £3.6M sale by a director. Very rarely you see director dealings of this size. Not sure what, if anything, to read into this. Would be reassured if he made a statement to say it was, for example, tax-related. Otherwise I'm might just trim my holding a bit.

Can't see any official news but the 10% fall in last 2 days says it all....ah well guess I'll be waiting a lot longer on this share to make me any profit....

I think the market has priced in FDA rejection since Mylan's version of the drug was rejected very recently. Is it therefore unlikely that Hikma gets FDA approval on May 10? If it doesn't, the stock has already fallen more than 20% since its earnings release so surely further downside is limited from here (I hope!)

After a great earnings release the stock popped on the day of the announcement but has been falling ever since! I can only assume it's down to pending FDA decision in May as the drug up for approval does have potential to make a meaningful contribution to hikma's top line. Provided nothing has changed since earnings release, I'm hoping for a routine FDA approval in May and a significant recovery in the stock! Hikma could have a really big couple of years ahead with its pipeline and I'm hoping for 2600p+ within that time frame. GLA

Motley Fool article today quite bearish on Inmarsat pointing to its Net Debt which is currently $1.793M, 7.7 times 2017 forecast earnings (which could even be downgraded depending on results announcement). Also suggesting that the current yield (over 7%) is indicative of the market already pricing in a dividend cut. In my experience, even when a stock has already fallen heavily in anticipation of a dividend cut, it still falls heavily on the announcement due to the 'negative signalling effect'. In this case ISAT has progressively increased its dividend for over 10 years (if I'm not mistaken), so I fear that if a cut materialises we will see a sea of red on the day of the announcement. The worst may be yet to come, which is why I'm holding off on buying more just yet. I will re-evaluate my view after earnings but for now I remain optimistic about the long-term prospects, especially since my holding is in my pension and I have a 20-30 year time horizon.

What a shocking amendment to price target, 550 from 880, for no good reason IMO! if dividends stop increasing in the short-term I don't see that as a legitimate enough reason for such a huge changet in target. Would need to read their full report to understand exactly but here we go again! It is important to note that all these broker downgrades we've seen this year are focusing on short-term outlook ie FYI 2017 & 18. I personally think all the good news recently far outweighs the dividend story. I do expect weak revenue guidance for 2017 & 18 and no dividend growth (maybe even a cut) but I'm in for the long term so I'll happily buy more and ride out the short-term storm. Only question is when and what price to top up! I'm not brave enough now so will wait until sub 600p or earnings, whichever comes first. GLA

I wouldn't rule out a re-test of the lows, as that usually happens when a stock is 'base-building', so if we see a double-bottom maybe my balls will be bigger than they were last time they hit 600p and I will buy some more haha! Was expecting a larger rise today from the questor tip but can't complain with the near 10% recovery from recent lows. I read a motley fool article today speaking about the over-capacity in the sector and why M&A activity may be likely as article result, to bring down costs by achieving more economies of scale and thus improve profitability. A compelling argument and ISAT would certainly look like a bargain to a potential buyer. However, I don't see any companies in this sector flush with cash, quite the opposite, alot of them loaded with long-term debt like ISAT. So a rival bid seems unlikely. The article also mentioned ISAT's falling dividend cover, bringing back the reality that a dividend cut may materialise over the next year or two if not immediately. Whilst that would be negative for the stock in the short-term, I think ISAT certainly stands out from its competitors and should consolidate its position as a global market leader over the long-term. Hopefully trump will do some business with them! GLA