Well we added almost $800 million in market cap on a pre-clinical finding. Go figure, but I will take it. IMGN is by far my largest holding in my portfolio so a 5% up day is very nice. Seems like a lot of money is coming into biotech right now. CRIS also having a nice up day.
I'm watching the trading on Level II. Shorts panicking? I see lots of trades for 1 or 2 shares. Who buys 1 or 2 shares at a time? Short interest has actually increased in the last month. I'm no trading expert, but my guess is that they try to hold down the price by trading a few shares at a time during slow trading windows in order to walk the price down.
Here's to Bio - he is a pretty smart cookie - not being the greedy type, I have sold my Apr 15's - but holding on to my July's. Nice little 80% profit on the Apr's. And yes, I am holding a few hundred shares of the stock itself.
not smart enough to hold all of the trading shares, but still have about half. Note to self, buy any dips a week before the annual meeting next year, management wants to look good for investors and the BOD to keep their jobs.
There's still lots of room to run SGEN is 4.3BB IMGN is 1.4BB. One would think a 50% discount is more reasonable, so that leaves 50% upside for IMGN unless SGEN declines. I am not expecting the gap to close today, but if shorts get nervous, it might partially close...if IMGN can make a new high. Let's see what happens at $17.12-17.25.