[Standard disclaimer - the following post is for entertainment only, and not financial advice of any sort.]
On July 20, two major companies reported earning. The stock market cheered the results immediately, but reversed in short order.
In retrospect, it appears that the event also marked the top for major US stock indices and biotech sector.
What else happened on July 20?
LONDON (Alliance News) - FTSE 250-listed intellectual property company IP Group PLC on Tuesday said its Oxford Nanopore Technologies Ltd portfolio company has raised GBP70 million in a new financing round.
Oxford Nanopore is an Oxford University spin-out focused on nanopore-based electronic molecular analysis systems.
Following the completion of the financing found, which attracted existing and new investors in the UK, US and Europe, IP Group’s undiluted stake of 19.9% in Oxford Nanopore is now valued at GBP192.9 million, representing an unrealised fair value gain for IP Group on its investment of GBP50.3 million.
IP invested another GBP13.9 million in Oxford Nanopore in the latest funding round.
“IP Group has been proud to support Oxford Nanopore since the company’s formation ten years ago. The company has made excellent technical and commercial progress and the significant developments announced at its recent London Calling nanopore-sensing conference further reinforce our confidence in the company’s technology,” said IP Group Chief Executive Alan Aubrey.
If July 20 was indeed the turning point for stock indices and biotech sector, these smart investors seemed to have bought the top !! It will be interesting to watch what they do at the eventual bottom.