I recognize that the market for this newbie will be volatile until something very concrete good or bad happens - maybe several years off. Still, the price adjustment in the past week seems way beyond anything else happening with biotech stocks. It makes me nervous.
Are insiders now able to sell some of their stock, putting pressure on the price? Is this just a "normal" post-IPO adjustment? (I'm new to the IPO game.) Or is there something else going on?
The lead underwriters on this issue were Goldman Sachs, CS First Boston, and SG Cowen. Most likely this issue was placed in institutional hands (as opposed to retail). Thus, it is probably institutions dumping this stock.
Reading the red herring, one of the company's competitors is LEXG (which hasn't done too well either). I forgot the other companies that the company mentioned that are its competitors.
I'm a contrarian....in a time like this you should buy some. This is just a market down fall thing. the only thing I can say about IPO is that look for adjustment after 6 months from IPO date. Meanwhile accumulate and hold in the short term a liiitle longer...