There is a good amount of resistance from the $4.70 to the $4.75 level.
That's what made me take some intraday profits, as I will continue to try to bring down my average cost even further.:)
But the week is still young and although volume has definitely increased, it is still below the volumes around mid-January, which we should see in order to continue this week's momentum and RING the BELL.
The DOW has been hovering and flickering all day with a 200 points gain, and if the general market can keep its current pace, may be OPK won't need to come out with any news, as the shorts are getting scared, and there are plenty that have borrowed OPK shares. :)
With the DOW giving up about 1/4 of its yesterday's gain, and OPK about 1.07%, it is time to replace any shares sold yesterday. :)
OPKO is mentioned in an article on SA among three Biotech stocks considered for investing, taking into account drugs in PIII that have good potential for success based on the research and also a large financial potential if approved by the FDA.
In OPKO's case, the author's pick, or selection, is based on Rolapitant, which has started its PII for nausea and vomiting in patients receiving chemotherapy, and it points out that the sales of cancer drugs doubled from 2005-2010 and are projected to continue growing at an 8% rate annually. So it seems there will be a rather large market potential for drugs that help to counteract the nausea an vomiting induced by such drugs. The article doesn't mention that although PIIIs are expensive, OPKO won't have to pay for it, since the cost will be paid by Tesaro.