One mid term catalyst could be the approval of Provenge and the buyout of DNDN. Yes, that will move the stock up. I don't care if it goes up into the mid 20's near term. I just hope it gets to my final buy point at $14.20. Weak holder or strong holder, I don't care as long as I continue to make money. Lovin' this market right now. Hoping for a crash. I have a lot of dry powder.
Don't worry. You willbe bale to sell all your avergaged down OGXI over $20.
You see, it's not good to average down when a company announce bad news.. like losing contracts ect .. but in this case there were NO bad news . It was just a perception that the deal wasn't as good as some people expected.
Well, both TEVA and OGXI think that it's a good deal for them. Just wait ...
Well another one I averaged down on and hit big was GNVC. That looked like a turkey for a long time. I'm just saying I rarely miss averaging down. Not saying I won't here, but I rarely do. When something like this happens, I wait for everyone to think it can't go lower, then if it does, I start averaging down. around $17 seemed to be as low as anyone thought it would go except you. So I started. We'll see what happens. I respect you for being right, but if you're wrong here, you're just a coin flip, like me.
Hey, you were right. I respect that. I actually starting averaging down at $17.20. Bought more at $16.20, then will buy at $15.20 and $14.20. It usually takes me 4 buys to hit the bottom. I think those prices are reasonable. No real risk of going to zero until phase 3's are announced and I think over the next year, it will gradually ride back into the mid 20's. What do you think?
Good luck with that, but my experience is that in biotech, averaging down just digs a bigger hole.
Advice: in biotechs, if you pick a turkey, dump it dump, it dump it. If you think there's some promise down the line and want to try to come back in later, that's a different proposition, and not unreasonable.
You know what drives people to "average down"?
Their ego. They hate to lose, they hate to get it wrong.
Shares Biotech Rule No. 98 -
NEVER average down.
Yes you were. Lesson learned. It will probably pop a little tomorrow, but there is no point in owning this stock now. I'm glad I sold right after I saw the news of the deal hit premarket. I hope you shorted this pig and made some big cash. My gut told me to sell after the resignation but my greed kept me in.