Dunedin cancer diagnostic company Pacific Edge had no
information on why its shares plunged 22% last month, they
said following a ''please explain'' request from the New
Zealand Stock Exchange this week.
In the wake of numerous upbeat market announcements in recent
months, Pacific Edge stock soared in value, but between
February 10 and March 10, the stock fell from $1.72 to $1.34.
NZX Market Services market surveillance spokesman Fraser
Wyeth wrote to Pacific Edge chief executive David Darling,
asking if there was material information held that required
release, following the 38c per share, or 22%, price drop.
Mr Darling responded that Pacific Edge did not have any
information that was not disclosed to the market.
Craigs Investment Partner broker Peter McIntyre said the NZX
request was a ''driving too slow ticket'', given the stock's
earlier large gains.
He said share price volatility could be expected, given
Pacific Edge had made numerous positive announcements but was
yet to see its cashflows ramp up from product sales, or book
its maiden profit. Pacific Edge shares were unchanged at
$1.44 on low volumes yesterday.