BMY - Momentum Has Fallen Since June For Kitov Pharma Future Upside Unlikely

• Kitov has lost momentum after a rally in June where the company announced a key partnership with Bristol-Myers in a lung cancer co-study.
• Since, shareholders have been diluted on the back of management's decision for a shelf registration of depository receipts in August.
• We've seen a large retraction on the charts, where the stock has traded sideways since September, with no real indication of support or resistance.
• This is despite several advancements in the company's developmental pipeline, but R&D spend and revenues have been poorly correlated historically.
• We don't see further upside in the near future, only pipeline risks and further risks of dilution, as evidenced in the company's capital structure and credit analysis.

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