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UPDATED: Avacta – valuation is surely still bonkers

By Tom Winnifrith | Friday 19 May 2023

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

I am a perma bear of Avacta (AVCT). I don’t rate its management and am sure the feeling is mutual. But the valuation is bonkers. I was bearish ahead of the placing in December in which Avacta tried to raise £15 million but raised only £9 million. I think the acquisition of Launch financed by a death spiral was crackers but for a while I was whistling in the wind as the shares were ramped to 183p. They are now back at 113p but that is still a nutso valuation.
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