It is very difficult to figure out why on a day like this when all the biotechs are strongly recovering, ONXX is being jerked around. Especially, since the results presented at ASCO were very encouraging--arguable more so than the ones reported by CELG.
John, ONXX frequently traded by mutual funds and from my experience (don't know why though) this type of trading brings semi-predictable pattern of trading,- for example now we're in leg-up and it will bring as to about $102, before we'll have some 5 points drop and then back up again to $110. As you realize, this prediction not necessary will be right,- but it is based upon previous results, and it correctly showed me previous top (I was one day off) and the current bottom (I've said it will go to $89-$88, it went slightly lower). So, until this pattern of trading is not changing we can sit and enjoy the ride.
The positive things that you've mentioned are exactly reason why in longer term stock trending up, but in day to day trading they're not the factor.
John, ONXX looks good to me today, but I haven't been awake very long today. I wonder how our resident board troll likes the past two days of ONXX price movement, not that it really matters how the price moved in the past week .