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I bought a small tranche in July 2019 and still holding patiently. Hoping that Arix will pull out of the slump in share price at some stage, and encouraged by the comments in the recent Hardman & Co analyst review:
https://www.hardmanandco.com/wp-content/uploads/2020/05/ARIX-1Q-Portfolio-update-19-May-2020.pdf
ARIX offers investors an opportunity to gain exposure to high-growth potential, early-stage biotechnology companies through a basket of 17 company investments, six of which are listed. Compared with direct single-stock investments, ARIX offers
investors a more balanced risk-reward profile.
At the close of business on 15 May 2020, the NAV was £206.9m, or 153p per share based on its current investment portfolio, which comprises:
? Core portfolio: Consisting of 11 companies with a total book value of £159m (77% of NAV), of which the six listed companies represent £117m.
? Discovery portfolio: Consisting of five companies with total book value of £18.1m (3.8% of NAV).
? Other interests: Totalling just £3.3m (1.4% of NAV).
? Cash: Gross cash of ca.£40.0m, of which ca.£2.0m is ring-fenced for existing portfolio company investments.
Given that the current market capitalisation of ARIX is just £110.5m (15 May 2020), the market appears to be valuing ARIX stock on the basis of cash (£40m) and only 40% (£70.5m) of the book value of ARIX’s core portfolio companies. Given that
there is increasingly positive momentum behind life sciences companies in the COVID-19 environment, the current 47% discount to NAV should be viewed as an opportunity, especially given the news flow expected to be announced by portfolio
companies in the coming months.
I just talked myself into a top-up purchase today to bring my average buy price down. Good luck to all who hold..
I'd genuinely forgotten that this stock can go UP.....best day in months if not years. There is a bear market rule that fits this stock perfectly: if you hold it, don't add down here, wait for it to get back to your break-even price and double up.
I've never been worried about being underwater in it. The long term attractions were always obvious to me, whilst the overhang and the reasons for it were obvious to all. We just needed to get that overhang cleared. The price action suggests we're getting nearer to that point. Good luck, all.