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Vertex Pharmaceuticals Incorporated Message Board

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  • rhaugland rhaugland Apr 30, 1998 10:01 PM Flag

    huge increase in short interest

    You are right that VRTX seems to be best as a trading stock at this time while few announcements are coming out. I have been
    in and out of VRTX several times in the last two months, usually buying at 30 to 31 1/2 and usually out again at about 32 to
    33, or whenever I am up about $750-1000 on 1k shares. Even though VRTX has descended from about 34 when I started this, I am
    quite well ahead overall, with only one or two overall trading losses. Yesterday I sold what I had bought at 30 1/4 at 31 1/4 and
    thought I was out for some time when VRTX gapped up today; however, I am back in at 31 later today but with a sell order for 32
    that, given the recent trading ranges, should be filled within a day or two. Of course, one sometimes gets stuck with the stock
    for a while or it becomes appropriate to take a loss on a day in which it goes up early in the day, expecting to be able to buy
    it back cheaper later in the day.

    The other stocks on which I am currently doing this are AFFX and NETA. Recently AFFX has been very good buying at 28 to 30
    1/4 and selling at about 30 to 32. I have traded NETA in and out about 40 times in the past two months. It announced a 3 for 2
    stock split today and I was fortunately long overnight. I was day-trading MLNM too earlier in March/April but got caught somewhat
    in its descent from 19; however, I bought quite a bit more MLNM at 16 1/2 to 17 1/4. Very good decision since it got back to 19
    today and I have only made a couple of day trades out and back in on the way back up. However it will likely go back to being a
    good day trading stock soon buying near 19 and selling near 20 and I will reduce my overall holdings to as few k shares again. I
    got to within 1/16 of selling some MLNM today at 19 7/16.

    ENMD is another biopharm stock for trading, buying near 11 1/2 and selling at 12 to 13; however, its turnover cycle has been
    much slower. I have also been in and out of BCHE a few times, which announced its earnings today. However its earnings were
    fairly flat and IMO it might lose some of its overall intrinsic upward momentum, which is essential when day-trading stocks. It is
    hard to get out of stocks multiple times unless they are cycling, have some intrinsic support and trade over 50,000 shares a day.
    Of course it is nice to be able to ride stocks up but this keeps me entertained on stocks such as VRTX that seem to be going
    nowhere overall and are probably fairly priced anyway.

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