Just took an initial position in this toward the close
I have not had good luck with biotechs, but from the little research I have done so far, it appears this has potetntial... I also like the clean balance sheet and insider purchases. I hope to purchase more as a learn about this company. Good luck!
SGEN rallied from $32.50 to $42 recently. It is not unusual for a stock to retrace 50% of a run-up. In this case, $37.25 is the price where SGEN would have completed such 50% retracement. It is at $37.93 currently, down 3% today and struggling. The shorts again have control. Hopefully there will be substantial support around $37.25. I will start buying again if the support holds. I guess there are no more Baker Bros purchases to offset the shorting, which could be why SGEN has been dropping the past week. Was the run-up from $32.50 to $42 mainly due to Baker purchases? Probably. We need some real news from SGEN....some favorable data, milestone reached, new collaboration/partnership. -- Fish
The arguments I have seen on this board, tend to lean in your favor... There is much risk for shareholders while the executives rake in millions. SGEN does have a solid cash position and insider purchases have been impressive, but my question is when will the company turn a profit? No one can answer this and therefore I will not purchase any more shares at this point
Your luck is about to change. Barring any breakout news over the next couple of weeks, share price is pinned at $40 until OPEX (6/21?). A lot going on until EOY that will lift SP to double current price IMO.