No support in this area I am guessing under $11 tomorrow...
maybe more, there is nothing to support this stock, no income or earning or dividend. People who rode it up are dropping but who knows future prospects may help it rebound but right now a traders stock I fI owned it and bought it low I would sell. It looked like it was trying to build support around$14 but broke through that could fall rapidly to single digits
you're ignorant beyond belief. Institutional investors paid $15/share for this company bc they believed in the future, if you can get it for $11.83 you buy it. I've been out of this stock for weeks but got back in today at $11.64 I couldn't resist. I personally trade credit spreads for income and I don't really play equities except for pharmas and I can tell you this is beyond undervalued with RSI near 30 and it will rise back up closer to $15 sooner rather than later and in the long run go well over $50 but Im too busy trading spreads to care about holding a stock thats basically dead money for 6 months till october rolls around
So with that said I took a small stake like 7,000 shares today but nowhere near the 30k+ shares I had months ago. I love the company and will retake a massive stake in october but in the short term Im looking for a bounce to the $13-14 area the RSI indicates oversold territory and due for a breakout
And what happens if there is a leak between now and October. Admittedly less likely now because of the announced strategy of going it alone through phase III (btw, unlike others, I do think this and the possibility of a further secondary which Seth Lederman also discussed had something to do with the drop). Leaks are after all the justification for the Feuerstein-Ratain rule, which while technically applicable to cancer drugs, I think has some applicability here (the current trial is described as IIB/III and the drug has a very broad market); I will be more comfortable if the stock has a $300 million market cap in July..