Who the hell is Roth Capital? A look at their sources shows 3 officers - all named "Roth." When you go to their web site and look at "Research" they mention NO Analysts, and NO STOCKSD COVERED and show a very posed picture of three women who look like fashion models.
I see NO RECORD of their coverage of MELA prior to the so-called "downgrade."
Best guess -- this is a shill company for hedge fund shorters who "help out" their hedge fund clients with a negative report or downgrade when the hedge fund is hurting on their short and needs a favor. I have no direct knowledge of this - just that I've seen this pattern so many times when a successful company - up a lot - gets a "DOWNGRADE from NOWHERE" from an obscure company with no obvious record of having recommended it in the first place.
I'd say it's good news because it indicates someone is worried it's going higher and needs to cover in a hurry - so they get a little "downgrade from nowhere."
Roth Capital is a well respected small cap brokerage firm, although for me personally their focus seems to be a little too heavily weighed towards investment banking so they can sometimes be "too loud" of a cheerleader for there own IPOs, etc.
Moreover, dontdropyourlunch is right guys. And so was Roth, for that matter. The stock spiked (even more) after presenting at the Oppen. Heath conf. on 10/22.
"ZERO" revenue healthcare companies, no matter how good an idea, have a big uphill battle ahead of them. Thus the stocks are very volatile. If you want to play them, you sell when they spike and you buy when then tank.
The message board bulls are like gold bugs - very vocal - and thus will probably jump on me, but I'm looking at MELA as a buy since it's tanking.
(caveat: I'm pretty stupid because if I can't find "real" news for stock movements, I go to msg boards).
Hey, Miles - nice post "Fair and balanced"
I tend to post bullish things on stocks I owned when I think they are the subject of a collusive run on them by nefarious folks with manipulative hearts. They are like little weasels that crawl out from under rocks and post such inanities you want to smack them. When they start lying, it's time to turn them in.
Anyway, good post.
What is wrong with you guys? The Roth downgrade was done October 28th from buy to hold, and at the same time Roth raised the target price to $12 from $9. There is no dowgrade or upgrade today, November 9th. I see a thing saying earnings for MELA is November 9th though.
"I'd say it's good news because it indicates someone is worried it's going higher and needs to cover in a hurry - so they get a little "downgrade from nowhere."
Yeah and they work it down BEFORE the open when there's no real market. What scum these shorts are.