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Incyte Corporation Message Board

  • jacosa jacosa Jun 3, 2013 8:57 PM Flag

    So what happened at the open 6/3/13?

    I'm going to try a wild guess. We know that a lot of Incyte convertible bonds got converted last week (and no, airhead to the contrary, that isn't a dilutive event. The initial bond sale was the dilutive event). As I pointed out at the time, that left a lot of stock in bond-oriented accounts, which had the potential to cause odd trading. What I'm guessing is that some party sold a lot of that stock to "himself" (another account with a stock orientation under the same control) on the open market. Clearly, there's no need to get the best price when you're on both sides of the transaction. There are cheaper ways to move stock from account to account, but if you want to be squeaky clean for the auditors this is a plausible action.

    But again--there really doesn't NEED to be a reason for INCY to sell at any price at all within its trading range

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    • Seller's exceeded buyers. Simple as that. No one wants to touch this stock because there is no volume. Volume means liquiditiy. Without volume you become stuck in quicksand. INCY has the problem of being quicksand. Drawn into it but can't get out.

      Sentiment: Hold

    • jacosa, this is a small piece copied from RTT news on yesterdays move

      Biotechnology stocks have shown a substantial move to the downside on the day, dragging the NYSE Arca Biotechnology Index down by 3.5 percent. With the loss, the index has fallen to its lowest intraday level in a month.

      along with the fact that many biotech companies were also down during the day as much as 7%, so i disagree with you

    • I see some dislikes. Presuming that they aren't just from the placeholders, what's wrong with the guess? There wasn't any news over the weekend and subsequent action shows that greed-to-fear balance on INCY hasn't changed drastically.

      Looking at some other daily charts, I see pretty strong hints of housekeeping activity in other highly-institutional stocks.

76.58+4.14(+5.72%)Jun 28 4:00 PMEDT