I'll tell you why I wouldn't sell SPPI at these levels.
Not because I love Raj or can't take losses. Raj was a pin head for his incorrect prediction on Fusilev sales ultimately dropping once hospitals turned back to generics. I believe that Raj could sell this company tomorrow for $11 to $12 a share which is where it was trading before the decreased guidance. IMO SPPI remains a CROWDED short trade. That is why there is so much continous bashing here. What do the hedgies pay these idiots? The pipeline is robust and sales now on the 3 approved products certainly will not go down significantly from here. In fact you can expect gradual growth looking forwards.
Just wait until the next generic snafoo occurs. The greedy shorts know that if they tried covering now they would only run the PPS back up over $10.
I prefer to wait it out because the stock probably ain't going much lower than where it has been trading the past month.
Good luck to you Sherry, I wish you had dumped the stock when you had a chance. Last Q the stock went from a low of $10 (few days before earnings) to 12.50 the day before earnings and I was hopeful it would lead to a short squeeze should the numbers come in really strong. It was wishful thinking, now a Q has passed and Raj and Co. have had no Conferences since the special conf. after the new revenue guidance. It is a great opportunity for the analysts to ask serious questions about Fusilev. No one is considering anything other than that in the pipeline at the moment. I think even RIGL is a better bet than Spectrum at this stage thanks to their cash and despite a failed PIII because the investors have hope of 2 more PIIIs and the stock is trading near cash. Spectrum on the other hand is depleting cash at a faster pace thanks to the great sales force who have not called on 50% of the Oncs who MAY prescribe Fusilev. Unless Spectrum starts to bribe them they are not likely to write those Rxs, unfortunately Fusilev is not a big drug and Spectrum does not have deep pockets to bribe anyone.
Hope you wise up and dump this and move on, you will be able to buy Spectrum for its pipeline at a much lower price point in the near future. Thanks to Raj and dumb KK and his team, I have lost big in terms of paper profit on Spectrum. I was a believer like you and you can go back and see my messages from the past. Including insults to PK.
Biotech, Enjoyed your edifying post. But, one one question. If many put them on ignore, do they still get paid? I can have half a page not shown. Why should anyone waste their time reading moronic slop or hateful and/or obscene garbage? I have a strong preference for reality.