I am expecting good news from ONXX soon. However, I am still waiting to buy the stock just below $7. Please remember Onxx has right now $5/share in cash. Below $7 is a very good value. Your risk seems fairly limited and the upside potential is $20 to $25 if good news hits the Street. Hoping to get lucky and get this stock below $7.....$6 3/4 would be great......Any thoughts?
My thinking is that if buying 1000 shares,with expectations of the stock rising in price to $21/share or better, then by waiting until the price is down to 6 3/4 from today's 7 1/16 is slapping at $310 on an investment of $7000. You are risking $310 against a sudden up spurt of perhaps +/- one point on such a thin stock (lo-vol.) even if you work by day orders or limits or such (sitting at the computer all day every day). This is risking 4% in costs against a possible $200% gain. My experience is that slapping at gnats frequently ends up by messing up your timing, and you will have to swallow camels in the long run.Do the homework, puts your money on the table, and watch.
This little company seems to have good people doing good science. This usually generates financial support.
I bought this stock from something I read about their anti-cancer work. I really don't know a lot about the company. How do you know they have $5 / share in cash, and where do you get that type of info? Any help would be appreciated. Thanks JM
JM_Options, please read Feb 27, 1998 press release. The press release discusses Onxx financial information. The company recently completed a second offering rasing cash levels to approx. $45mm. Since the company has about 9 million shares that = approx. $5 per share. However, Onxx uses cash rapidly to fund R&D. Current cash levels will fund operations for another 2 to 3 years.