Ultratech Secures Repeat Advanced Packaging (AP) Order

Ultratech Secures Repeat AP Order Win With OSAT Customer

Major Asian OSAT (outsourced semiconductor assembly and test) Company Orders Ultratech AP300W for High-volume Advanced Packaging Applications

SAN JOSE, Calif., July 2, 2013 /PRNewswire/ -- Ultratech, Inc. ( My UTEK Charts), a leading supplier of lithography and laser-processing systems used to manufacture semiconductor devices and high-brightness LEDs (HB-LEDs) announced that it has received a repeat order from a leading outsourced semiconductor assembly and test (OSAT) company in Asia. The AP300W lithography system built on Ultratech's customizable Unity Platform™ will be utilized for wafer-level packaging (WLP) applications to support growth driven by communication devices. As the advanced packaging technology requirements evolve, OSATs will play an important role in establishing the supply chain. This major win further confirms Ultratech's ability to deliver operational flexibility, technology leadership and highest economic value for its customers.

"Demand for thinner mobile communication devices such as smartphones and tablets are driving much of the growth in WLP," according to Jan Vardaman, president and founder of TechSearch International. "Many of the suppliers of the integrated circuits used in these products depend on OSATs to meet their production needs. It is expected that the OSAT expansion will continue over the next several years to address this growth opportunity."

Ultratech Vice President, Advanced Packaging Technology/Nanotechnology Market Manish Ranjan said, "Ultratech has maintained a leading market position over the last decade by delivering outstanding production performance with superior cost-of-ownership solutions. We look forward to working closely with our customers in the OSAT segment to support their high-volume production ramps."

Certain of the statements contained herein..... http://seekingalpha.com/news-article/6982112-ultratech-secures-repeat-ap-order-win-with-osat-customer

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Antigenics Oncophage Cancer Treatment Approved in Russia

Today Antigenics Inc. (NASDAQ: AGEN ) announced that the Russian Ministry of Public Health has issued a registration certificate for the use of Oncophage® (vitespen) in the treatment of kidney cancer patients at intermediate risk for disease recurrence. Antigenics expects to launch Oncophage in Russia in the second half of 2008.

Click chart courtesy of stockcharts.com to view full sized

Oncophage is a personalized vaccine made from cells taken from a patient's malignant cancer tumor. It contains the "antigenic fingerprint" of the patient's particular cancer and is designed to reprogram the body's immune system to target only cancer cells bearing this fingerprint.

“The registration of Oncophage in Russia represents an important treatment advancement for patients with intermediate-risk kidney cancer,” said Garo H. Armen, PhD, chairman and CEO of Antigenics. “We are very pleased that Oncophage is the first personalized cancer vaccine that will be available in any major country. Additionally we hope to file for the conditional approval of Oncophage in Europe this year.”

To comply with US regulations for exporting biologics, Antigenics applied for an export license from the US Food and Drug Administration (FDA). The company expects the FDA to take action on the license application within approximately 60 days of submission.

Click chart courtesy of stockcharts.com to view full sized

Last year I reported (Insider Buying at AGEN by Chairman and CEO Garo H. Armen) insiders bought AGEN at $1.93 a share in February 2007 . I also disclosed I owned AGEN in my personal portfolio and I bought 1,000 shares on the Feb 9, 2007 news.

The stock rallied soon after to over $5 a share then returned to the area of our purchase at $1.95 in late 2007 before the latest news has it jumping again.

About today's news, CNBC's Mike Huckman reported:

• ... a test showed that a subset of patients on Oncophage lived 1.7 years longer without the cancer coming back. But because the clinical trial didn't meet its main goal and the aforementioned benefit was only discovered in a re-analysis of the data, the drug didn't pass muster with the Food and Drug Administration.
• The agency wanted AGEN to do a bigger, longer and expensive study. But like most baby biotechs, Antigenics didn't have that kind of cash. So, the company turned to Russia where it had enrolled 125 patients in the same clinical trial. And after a 10-month process, AGEN won approval of the drug there making Russia the first country in the world to allow a therapeutic cancer vaccine onto the market.
• The lead clinical trial investigator, Dr. Christopher Wood at the MD Anderson Cancer Center, says the company has given him verbal assurances that it will use the Russian revenue to pay for another study here that might eventually satisfy the FDA. Dr. Wood, an associate professor of urology and cancer biology, says he doesn't own AGEN stock--he just consults for Antigenics and ran the clinical trial.
• Over the phone he told me, "Absolutely no question about it (that the drug works). I've looked at the data," he said, "and there's clear activity in the intermediate risk subgroup."

I like the idea of a cancer vaccine treatment that targets the cancer cells while leaving the rest of the body alone. If this treatment works for one cancer, then in theory it should work for other cancers. I saw Dr. Dean Edell do a story on KGO TV7 about a patient with deadly brain cancer who was given an experimental drug therapy that was keeping her alive long past her "due date." The drug mentioned on the news story was "Oncophage."

Antigenics Inc. is one of those stocks I like to have some shares in my portfolio for the very long term with the hope it is successful for more than just a financial reward.

More AGEN Charts

Discuss and ask questions about this article in our Biotechnology Stocks forum at facebook's "Investing for the long term" group.

Disclaimers:

• I still own AGEN in my personal portfolio including the 1,000 shares purchased on the Feb 9, 2007 news.
• I may trade the ups and downs of AGEN in either or both my personal and my newsletter explore portfolios without announcing it here or anywhere else unless I add it to my newsletter explore portfolio where I will announce trades to subscribers via email.

GE: General Electric's CEO Immelt Invests Another $5 Million Of His Own Money In GE Stock

Following insider buying can be a great way to make money even in a falling market. Major insider buying at General Electric (GE) could yield similar gains to patient investors as we have seen with Valence Technology (VLNC).

Yesterday number one insider at General Electric, chief executive officer Jeffrey Immelt, bought 62,000 more shares of GE stock worth $2.04 million at an average price per share of $32.93 according to SEC filings. Immelt told investors that GE should outperform the Standard & Poor's 500 index this year in a "challenging'' environment.

In an annual letter to shareholders released today, Immelt wrote:

• "You could try to pick the perfect investment for this environment, but it would be a challenge."
• " Maybe it is in technology, or emerging markets, or commodities, or Treasury bills. Or you could pick GE."

At $34.00, GE has a market cap of $340 billion with a dividend yield of 3.90%. Ten year US Treasury bonds only yield 3.56%.

On why GE won't sell NBC:

• "We are in a good cycle, with momentum around the Beijing Olympics, the U.S. elections, and the 2009 Super Bowl," Immelt said. "NBCU benefits from GE's global footprint, financial strength, and human resource skills."

NBC profits were up 6 percent in 2007 on 5 percent lower revenue of $15.4 billion.

Immelt's $2 million investment in his companies stock follows a February 29 purchase of 90,000 shares at an average price of $33.42 worth $3.01 million.

Here is a 5-year summary of insider trading by Jeffrey Immelt and a graph.

Insiders usually sell stock as their stock options vest then expire. Exercising stock options reduces shareholder equity to reward insiders for good work, or so the theory goes. They would be foolish to not take advantage of this shareholder generosity so tracking insider selling is not as useful as tracking insider buying.

When insiders use a significant amount of their own money to significantly increase their holdings in the company they work at, then we should pay attention. Valence Technology is a stock with significant insider buying that has recently doubled. This chart of VLNC insider buying is from the Feb. 22, 2008 article "CSCO: Open Letter to Cisco's Board of Directors."

Valence is one of many technology stocks that have been in a prolonged bear market decline after peaking in early 2004. That didn't stop insiders from buying and now they are being rewarded.

I believe GE will eventually offer similar rewards for patient investors.

GE is a great international play as more than half its sales come from outside the US with about $40 billion of the $195 billion total coming from emerging markets.

In the 1976 movie "All the President's Men" on how to uncover the details of the Watergate scandal, Deep Throat told reporter Bob Woodward "I'll keep you in the right direction if I can, but that's all. Just... follow the money."

Discuss this article and GE in general at our facebook "Investing for the Long Term" forum called GE: General Electric "We Bring Good Things to Life"

Disclaimers:

1. I own GE in my personal account with a 13% profit considering reinvested dividends. I have also hold GE in my newsletter explore portfolio with similar gains.
2. I own VLNC in my personal and newsletter explore portfolio with gains in excess of 100%. I have taken some profits and have targets to take more profits should it go higher.

Valence Technology: A Green Stock with Potential

Valence (VLNC Charts) will be a key player in reducing carbon footprints thought to cause global warming. Its safe batteries are also a strong candidate for laptop computers and other portable devices you don't want to burst into flames.

Thursday, February 7th, Valence announced a $70 million order with The Tanfield Group Plc (London Stock Exchange: TAN ) to manufacture and supply safe, Lithium Phosphate energy storage systems to power zero emission, all-electric commercial delivery vehicles. The Valence battery systems will be installed in leading-edge vans and trucks produced by Tanfield’s UK-based trading division, Smith Electric Vehicles, the world’s largest manufacturer of electric vans and trucks.

The stock jumped on the news and rewarded those of us who had been accumulating the stock in hopes they would commercialize their technology.

Click the charts, courtesy of Stockcharts.com, to see full sized

Last quarter, Valence reported a loss of $5.7 million, or 5 cents per share, for the three-month period ending Dec. 31. For the first nine months of fiscal 2008 ended Dec. 31, Valence reported a net loss available to common shareholders improved to $15.0 million, or $0.13 per share on total revenue of $13.0 million.

Going from maybe $20 million a year to perhaps $100 million a year will not be an easy task but it is a problem everyone wishes to have.

From the Pres Release:

Under the agreement, Tanfield will purchase up to $70 million of Valence products in the contract’s first phase and Valence has already received a firm purchase order for the first calendar quarter.

The agreement will also result in Tanfield becoming the first volume customer for Valence’s third generation Lithium Phosphate Epoch™ technology, a battery system equipped with an advanced management system that monitors and automatically adjusts cell performance so battery packs operate at their optimum performance capacity. Epoch benefits include a fail-soft capability that is designed to eliminate system failure caused by a single cell and to have a life cycle comprised of more than 2000 charge cycles when deep discharged in demanding electric vehicle applications.

“The Valence Epoch System which we introduced at the December 2007 EVS-23 show has the potential to move the industry closer to the tipping point when EVs and plug-in HEVs will be broadly adopted and deployed,” said Robert L. Kanode, president and CEO of Valence. “We believe that Valence is the first Lithium Phosphate battery producer to have the sourcing and manufacturing capability and start-to-finish infrastructure to immediately ship safe, reliable, Lithium Phosphate energy storage systems in the quantities demanded by the electric vehicle market. For the past six months we have been working to scale up our proven operational capabilities to meet anticipated demand.”

Darren Kell, Chief Executive of The Tanfield Group Plc, said “We are constantly looking for new, cost-effective technologies that can improve our zero emission commercial electric vehicles and broaden our customer base. The Valence battery pack is an efficient, inherently robust and reliable system that gives us greatly increased flexibility in vehicle design.”

From Valence's web site:

"Our phosphate-based Saphion® Lithium-ion technology is a break through battery chemistry for mobile computing and for large format applications such as back up power supplies and electric vehicles.

Saphion® technology, is safe and stable. It delivers high cycle life, great energy density, no maintenance, superior rate capability and long service life. These characteristics make Saphion® technology suitable for not only the traditional Lithium-ion markets such as the consumer and computer industries, but also for emerging markets not currently served by Lithium-ion technology, such as the telecom, utility and motive markets. Saphion® technology offers the power of Lithium-ion with the safety, environmentally friendly and cost benefits of phosphates."

Warning: Valence has had its optimists in the past as the price volatility shows. I like to buy stocks like this AFTER they have crashed with the hopes they eventually bring their technology to market. With this $70M order, it looks like I may have done so again.

Disclaimer: I have been accumulating VLNC in my newsletter portfolio and my personal accounts with some trading around the core position. I have a gain at the current price with plans in place to take profits as it goes higher and protect profits should something happen.

ISP Bandwidth Problems Good News for Fiber Makers

Fiber optics companies like Finisar (FNSR), JDS Uniphase Corp. (JDSU), Opnext, Inc. (OPXT) and privately held Avago Technologies Limited all stand to benefit from the bandwidth woes that ail internet service providers and broadband cable companies such as Comcast (CMCSA), Verizon Wireless (VZ) and AT&T Inc. (T).

Comcast users report that the file transfer is cut off when they try to download legal copies of movies when they use peer-to-peer, file-swapping software like BitTorrent and Gnutella. Comcast has acknowledged "delaying" some subscriber data transfer, but said "the delays are temporary" and intended to improve surfing for other users. Vindu Goel of the San Jose Mercury News wrote:

You're at home and get a hankering to watch a movie. You fire up your computer, turn on your Comcast high-speed cable modem and start downloading a legal copy of the vintage Hitchcock thriller "The Man Who Knew Too Much" using BitTorrent, a popular file-sharing program.

Suddenly, the transfer stops. The computer sending you the file has dropped the connection. You wait a minute. Nothing happens. You try restarting the transfer. The data flows for a few seconds, then stops again.

What's going on? Comcast is breaking your connection. On purpose.

This does not sound "temporary" to me.

Is this legal? Goel reports:

Comcast's user agreement officially bans file-sharing and "gives them the ability to do anything they darn well please," said California Deputy Attorney General Robert Morgester, who prosecutes Internet crimes in the state.

Why does Comcast stop users from using the bandwidth they think they paid for? A quick search for "Video on Demand" shows Comcast offers Video on demand for a fee. "Net Neutrality" advocates, who want the FCC to prevent internet service providers from favoring some content over others, have argued that "virtual monopolies" will force internet users to pay for things they could get for free if they had unrestricted access to bandwidth.

The heat is already on the companies. The AP report "Senators Want Probe on Content Blocking" says On Friday October 26, "Senators. Byron Dorgan, D-N.D., and Olympia Snowe, R-Maine, said the incidents involving several companies, including Comcast Corp., Verizon Wireless and AT&T Inc., have raised serious concerns over the companies' "power to discriminate against content."

Who stands to benefit?

In the long run, if you pay a company for bandwidth then elect to get your video content from one of its competitors, then US laws should prevent a monopoly or powerful company from stopping you from doing this. Microsoft paid a heavy price for using its monopoly power to prevent computer companies from putting "unapproved" software and features on the Windows desktop.

I am sure ISPs will eventually have to give unrestricted access to bandwidth so you can download your movies from Blockbuster, Netflix or any of their competitors that offer you a better price. If this downloading makes the overall experience poor for their paying customers who share the network, then they will have to upgrade the cable networks with fiber optics.

Some of the leading fiber optics companies are Finisar Corp, JDS Uniphase Corp. (JDSU), Opnext, Inc. (OPXT), Bookham Inc. (BKHM) and privately held Avago Technologies Limited (where I worked on fiber optics when it was part of HP in the 1980's and 1990's.)

Another company I own that may benefit is Carrier Access (CACS). Carrier provides "Exxtenz" product that enables service providers to utilize passive optical networking, PON, technology to deliver services, such as wire-speed Ethernet, voice, T1, and video services to businesses.

Disclaimer: The author is long Finisar (FNSR) and Carrier Access (CACS) at the time of this article.

BKHM: Oct 26 $3.15 -5.12%
FNSR: Oct 26 $2.24 -5.08%
CACS: Oct 26 $3.43 -3.65%
JDSU: Oct 26 $14.73 +0.89%
OPXT: Oct 26 $13.29 -0.75%

Citigroup Compelling 20 years after Black Monday

Twenty years after Black Monday (see "Black Monday 1987 Graphs") Citigroup (Ticker C, Charts) looks even more compelling to me today than when I added it to my newsletter “Explore Portfolio” back in September 1998 at a fraction of today’s price.

.

Click chart to View full size - More charts

On October 1, citing “dislocations in the mortgage-backed securities and credit markets, and deterioration in the consumer credit environment” Citi said its third quarter 2007 net income would decline about 60% from the year ago $5.06 Billion. Citi said it would:

1. write down about $1.4B of its $57B portfolio of highly leveraged loans
2. lose about $1.3B on the value of securities backed by subprime loans
3. lose $600M in fixed-income credit trading. It also said consumer credit costs rose $2.6B, mostly due to a boost in loan-loss reserves.

CEO Chuck Prince said during the earnings conference call

• "Looking ahead to the fourth quarter, while we obviously cannot predict market movements or other unforeseeable events that may affect our businesses, we expect to return to a more normal earnings environment as the year progresses."

Citigroup's plan is to write off all the bad news in this quarter and hope they can look forward to the future. If they over estimated their "subprime meltdown losses" then they can reduce loss reserves in future quarters to report better than forecast results going forward.

The fear is they under estimate their losses and more write-downs will follow. I believe people are selling like lemmings running off a cliff on fear things are much worse. Those of us with the ability to buy through periods of massive fear often end up with superior returns.

Technically, the chart for Citigroup found support on the dashed-blue uptrend line that marked the bottom for two major fear days in 1998 and 2002. The fear from this subprime meltdown is no different.

With a dividend of $2.16 and today's closing price of $42.61, Citi pays you a 5.07% yield that is considerably better than the 4.41% 10-year Treasuries currently pay.

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Warren Buffett Sold Last Shares of PetroChina Before Price Surges

Despite his reputation for "buy and hold forever," billionaire Warren Buffett said last week that his company, Berkshire Hathaway, had sold all shares of PetroChina Co. Ltd (Ticker=PTR, website), a Chinese oil conglomerate.

• "Our Favorite holding period is forever.” -Warren Buffett

Activists had urged Buffett to sell his PetroChina shares due to the world's second largest companies ties to strife-torn Sudan via Petrochina's parent company, China National Petroleum Corp.

Click to see full size graph

Despite vocal activist shareholders in support of this divestiture, Buffett insisted in an interview on the new Fox Business Network (FBN) the decision to sell was driven by valuation.

• "If it went down a lot I'd buy it back."

Buffett told Rupert Murdoch's FBN that the recent price gains of PetroChina's shares means he sold too soon and "left a lot of money on the table."

Buffett said Berkshire Hathaway made as much as $3.5 Billion dollars on the initial $500 million investment. As of July 2007, Berkshire Hathaway owned 11 percent of the publicly traded shares.

Berkshire bought PTR in 2003. Friday PTR closed at $232.98 after peaking at $266.81.

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Piper Jaffray Target for Finisar

Finisar Corporation (more FNSR Charts) designs, manufactures and markets fiber-optic subsystems and network performance test and monitoring systems that enable high-speed data communications over local area networks (LANs), storage area networks (SANs) and metropolitan access networks (MANs).

Today Piper Jaffray started covering Finisar (FNSR) with an outperform rating and a $4 price target.

"We believe the stock was oversold following its July quarter earnings call and has created a compelling entry point."

Finisar is focused on the application of digital fiber optics to provide a broad line of high-performance, reliable, value-added optical subsystems for data networking and storage equipment manufacturers. Its line of optical subsystems supports a wide range of network applications, transmission speeds, distances, physical mediums and configurations.

Click chart to view it full sized

To get my current thoughs about Finisar in greater detail and more, subscribe NOW and get the October issue of “Kirk Lindstrom's Investment Newsletter") for FREE!

Disclaimer: I am long Finisar in both my newsletter and personal portfolios. I accumulated Finisar between $1.01 and $1.99 in my newsletter portfolio so I have significant gains at this time. I may sell or add to my position at any time. I will tell my newsletter subscribers when I sell, but I will not necessarily post about it online before or after.

Value in Growth at Lam Research and Verigy Inc.

Someone with a large position in Warren Buffett’s Berkshire Hathaway (ticker BRKA) asked if he should buy another cash loaded company with similar valuation metrics, Wesco Financial Corp. (WSC). My reply was the real value today is in some small capitalization technology stocks like Lam Research (LRCX) and Verigy (VRGY.) Here is my reasoning.

One of the reasons I have stayed away from Berkshire Hathaway is its “Warren E. Buffett Premium.” This is what people pay to own BRKA over “fair value” so Warren Buffett can manage their money. What happens to the price of BRKA if Buffett dies?

BRKA today reminds me of General Electric (GE) in 2000 when it still had its "Jack Welch Premium" not to mention the daily gushing on CNBC about how much money the reporters were making in the individual stock they could own. In 2000 GE had a PEG (Price-to-earnings ratio divide by its 5-year growth rate) twice that of the S&P500. Today that premium is gone and GE at $41 is still down about 30% from its 2000 peak while the S&P500 is back to its 2000 peak. High premiums are risky.

Selling at $117,200 with $30,343 per share in cash, BRKA is 26% cash. This survey of CD rates says you can get 5.0 to 5.75% at many banks in CDs. If I want to pay a premium for Warren Buffett to manage my money, then I would want his return on assets to beat safe CDs and treasuries enough to overcome this premium at a minimum.

Yahoo! finance lists BRKA’s “management effectiveness” as:

Return on Assets (ttm): 4.65%
Return on Equity (ttm): 11.34%
(ttm is trailing twelve months)

With Valuation metrics:

Trailing P/E (ttm, intraday) = 14.99
Forward P/E (fye 31-Dec-08) = 19.35
PEG Ratio (5 yr expected) = N/A (no earnings growth predicted)
(fye is for year ending)

Why not put 25% of your money in 5.75% CDs and invest the other 75% in stocks with better GARP (Growth At Reasonable Price) metrics?

Compare the above numbers for BRKA to one of my larger holdings and a company I have already made about sixteen (16!) times my money on since buying it for my newsletter and personal portfolio in 1998, Lam Research (Ticker LRCX.)

Yahoo! finance lists Lam’s “management effectiveness” as:

Return on Assets (ttm) = 21.21%
Return on Equity (ttm): 43.29%

With valuation metrics:

Trailing P/E (ttm, intraday)= 12.24
Forward P/E (fye 25-Jun-08) = 12.21
PEG Ratio (5 yr expected) = 0.65

Verigy is another “GARP” stock I have been buying for my newsletter portfolio and myself. Yahoo! finance lists Verigy’s “management effectiveness” as:

Return on Assets (ttm): 10.38%
Return on Equity (ttm): 18.48%

With valuation metrics:

Trailing P/E (ttm, intraday)= 19.96
Forward P/E (fye 31-Oct-08) = 13.47
PEG Ratio (5 yr expected) = 0.79

Verigy has a similar cash/share ratio as BRKA but it makes far better returns overall.

I think there is great value now is in technology stocks that are not in the headlines. Everyone knows about Google (GOOG) and Apple (AAPL) but how many have heard of Lam Research or Verigy? The way to make big gains is to buy well managed growth stocks before everyone has heard of them. I have made good money already in both Lam and Verigy but I think there is much more to be made.

In addition, how are people trying to help third world countries improve? Are they giving them cans of Coke (KO) Geico insurance, Sees candy and Gillette razors (PG,) all subsidies of BRKA, or are they giving the kids portable, cheap, laptops with wireless connectivity that operate on the sun or hand cranking? Lam and Verigy are two of my best-valued stocks that make picks and shovels that help make this new technology possible.

BRKA is mostly a perceived "value stock" and we have had about 7 years where investors have shunned growth to buy good, safe value stocks. The numbers I posted above for Lam and Verigy, stocks I buy and sell for added return around a core position, show why I think a rotation to growth with value should occur soon, if it has not already started.

Subscribe now and get my just released October 2007 Newsletter with my two core portfolios plus my more volatile (and higher long term return) explore portfolio with the latest buy and sell targets.

Insider Buying at AGEN by Chairman and CEO Garo H. Armen

On Feb 9, 2007 Garo H. Armen, CEO and Chairman of the Board, bought 50,000 shares to increase his direct holdings to 106,601 shares. I wrote about it and my buy on the news here. The stock soared shortly after this purchase and has recoverd to a seven month gain of 27% trading at $2.45. Details:

• OFCR/ CEO & Chair o/ Board = Classification of Insider
• $96k = Value of I-Buy trade(s)
• 50k = Number of Shares
• $1.93 = Average Price Paid
• $1.91 = Recent Stock Price (delayed)
• 132k = Average Daily Volume (composite timeframe)
• $88M = Company Market Capitalization
• 2007-02-09 = Purchase Date
• 2007-02-13 = Filing Date
• 13:21:59 = SEC Arrival TimeStamp
  

More AGEN Charts

Yesterday, September 14, 2007, Garo H. Armen bought another 50,000 shares of AGEN at an average price of $2.33. Details:

• OFCR/ Chair & CEO = Classification of Insider
• $117k = Value of I-Buy trade(s)
• 50k = Number of Shares
• 2.33 = Average Price Paid
• 2.45 = Recent Stock Price (delayed)
• 315k = Average Daily Volume (composite timeframe)
• 112M = Company Market Capitalization
• 2007-09-14 = Purchase Date
• 2007-09-14 = Filing Date
• 17:31:46 = SEC Arrival TimeStamp (Filing appears on SEC site 30-60 secs later)

SEC Form 4 shows Armen how holds 266,610 shares of common stock directly and holds another 11,489,274 via By Antigenics Holdings LLC and Armen Partners LP ( 3 ).

The last insider buy in Feb was a good time to buy as the stock soared from $1.93 to about $5.25 two months later. Even if you didn't sell at the top and held, a 27% gain in seven months is nice.

Disclaimers:

1. I first reported this purchase here on Feb 13, 2007.
2. I own AGEN in my personal portfolio and bought 1,000 shares on the Feb 9, 2007 news.
3. I may trade the ups and downs of AGEN in either or both my personal and my newsletter explore portfolios without announcing it here or anywhere else.
4. Dr. Armen is CEO, Chairman of the Board of Managers and a member of Antigenics Holdings LLC ("Holdings") which, as of the date of this report, owns 11,154,274 shares of Antigenics Inc. common stock. Dr. Armen has a pecuniary interest in only a portion of the shares held by Holdings and disclaims beneficial ownership except to the extent of his pecuniary interest therein. Dr. Armen is also General Partner of Armen Partners LP. Armen Partners LP owns a total of 335,000 shares of Antigenics Inc. common stock. Dr. Armen has a pecuniary interest in only a portion of the shares held by Armen Partners LP and disclaims beneficial ownership except to the extent of his pecuniary interest therein.