Hard to believe this stock won't be back over $5 tomorrow. If this stock closes up for the week after hiting a 12 month low, we will in fact, have had a SELLING CLIMAX. And the best thing is that it will have occured on huge volume!
When the market speaks, I listen. There is not a lot to say when a stock goes down everday with no indication that a bottom was in place. Quite frankly, I was very surprised to see the stock go below $5, and I was even more surprised when IMGN broke its point and figure updtrend and gave a double bottom sell signal at $4.50 and another one @ 4.25. Technically a lot of damage has been done here, but a selling climax is something one should pay attention to. It hasn't happend yet, but I place very good odds it will happen on Friday's close. Therefor I look at the stock as a strong buy here.
Remember, there are many so called "investors" who in reality are chicken littles the sky is falling.. the sky is falling.. These are what we call the weak hands. The weak hands have already sold (sorry but these folks are the big market suckers) or will be selling the rest of their shares tommorrow/week end.
This is TREMENDOUS news for IMGN and the stock will in the next weeks and months RUN UP! Quite possibly seeing the $7 range. What people should be doing is buying into this news not selling. Who will be buying IMGN the strong hands!! The strong make money because this is the smart money crowd.
Hang on because this is BIG news in the biotech world (It's much more than just some drug moving from toxicity studies to Phase 1). IMGN has great growth opportunity and is very well positioned in the Mab cancer therapy biz.
Besides this news, IMGN will have very strong news flow in the next couple months. Wait and see & hang onto those shares!!!