Yesterday was the first time I had heard anything about the UBS analyst putting an $8 price target on this stock sighting toxicity concerns for the pipeline? Seriously? For the love of god, they are making drugs to treat cancer, so of course there is toxicity. Why did this even have any credibility?
We might be in for a few more down days along with the rest of the market. Near term catalyst will be EU approval of Kadcyla. I expect it in September, that is when it was filed with the EU last year. Looks like gold and silver are off to the races. What cash I had on the sidelines went into the metals. Lets see how far they run now that they have broken through over head resistance. Rumor is JPM must buy on the open market as they are getting calls to deliver physical and their vault is nearly empty. Of course that could just be the tin hat conspiracy theory crazy people talkin.
this is what the shorts do, they pay corrupt analysts to write negative reports with half-baked ideas. Not sure who would be stupid enough to buy it. The institutional ownership base looks large and stable, so shorts are trying to shake retail shares. So far, they are only successful at managing brief declines to higher lows, followed by higher highs. This is a great price/opportunity for traders. I already have plent and have been doing better in my other selections with the exception of ARNA, so I will continue diversifying and trading some shares, selling some calls and puts, but not significantly adding shares of IMGN until they prove they can design and execute a successful phase II clinical trial, or make a strong partner deals to solve the expected cash needs for 2014-2015, although Kadcyla might take care of that..
for what it's worth.. im glad. Got in today at 16.30. Stock is approaching oversold on the RSI. Should be a nice bounce coming where I can take profits and then keep a nice core position at mostly house money.