First about ASTM. Today's news about financing is good. But 6 millions will not do any good in long term to the company. They did the private financing back in last October, but that did not last long. Now, they terminated relationship with SSB, and goes back to good product potential and bad management.
Their US trial has just started and will take about 2 years to get on the market. Unless they find someone for buyout, their chances of survival on their own is slim. Will definately see further dilution down the road.
Now about XOMA. I hope I had stayed. But tomorrow is Friday, and biotech stocks have been very hot this week. I would expect to see a hit on the whole sector tomorrow. Looking back the last six or so Fridays, both DOW and NASDAQ had suffered very heavily. I would expect to see that happening again.
I will re-enter both ASTM and XOMA sometime next week. Just can not ignore the potential. Yet, I don't want to take excessive risks.
By the way, you may take a look at CRDM (same sector with VASO). Cheap at 2 11/16. Holding 10K now. Looking to see it poping over 5 by March 14, Cardiovascular Convention.
$12 seems to be a ceiling for XOMA...we have hit it and bounced back a couple times. Shorts will notice this and many will buy around $12 and then try to help talk the stock down....be aware of this when they hit the board.
Feels pretty good today....will probably sink back a little around noon and hopefully move up a little more when everyone gets back from lunch.