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ONYX Pharmaceuticals, AŞ Message Board

  • johnpapas893 johnpapas893 Jun 3, 2013 4:46 PM Flag

    Today's price action

    Bear, Kot, and Vin Any thoughts on today's wild price action? Did any of you have a chance to look at today's presentations?
    Since Osulinn has resurfaced we must be in good shape--we will go up.

    Sentiment: Strong Buy

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    • John, 2 weeks ago ONXX also went down to 87 and came back. I did not buy more (I've 20.4k shares already), but I've sold some 85 & 80 puts and hope to keep the premium...And, yes, a lot of bio went down today (besides my little gem CLDX), so, the bottom line: this was not ONXX fundamentals related, and we'll get to 110 (my short term target) sooner or later!

    • According to shortanalytics, this was being heavily shorted Friday, whether in anticipation of weak results in the Nexavar thyroid cancer trail or hoping to #$%$ those who bought in anticipation of a pop, I don't know. In any event, the shortsellers had deep pockets since they pounded this hard all day. I bought more shares at an average price of 89.60 and sold them back to them at just under 93. (You have to try and punish these guys if you can.) Obviously, all of the biopharms got attacked today - even CELG and GILD were sharply lower. I noted an inaccurate story which attributed ONXX's weakness to the fact that the Nexavar trial didn't show a benefit in OS. Actually, my understanding was that the trial hadn't run long enough to establish OS. It seems to me (without being a statistics maven) that the trial indicates that Nexavar works really well for some patients, and since these folks have few alternatives, I would expect it to be approved for this indication. If they attack this again tomorrow, I will buy more.