It had a lot to lose. Why the heck was it up at $38 anyway? Another one of my holdings (SGEN) also loves to be among the top percentage losers every day, but it actually has an approved product. That's more frustrating than seeing CLDX plunge.
It smells of a very strong effort to get any holdouts to sell their shares before the ASCO news spike. I believe great news is coming at ASCO. Major funds also probably believe it. If they can buy an extra 100k shares or more by forcing the price down heavily and relentlessly day after day, they can accumulate more and make more. Look at Franklin Resources: all during the severe decline in March it must have been buying heavily. I bet other institutions did likewise. CLDX might be close to 95% institutional owned by the time all the 1Q ownership reports have been filed.
At the end of the day, noise aside, you either believe CLDX has some terrific potential or you do not.
When the shares traded at $20-$30 on the way to previous high, everyone loved the company. Today, overall data flow has been very positive....secondary at $24 ish looks like a better deal for the company....but, I have seen nothing from any reputable source that changes my mind about how great a company CLDX can be. If you think as i do, then you use this opportunity to enter the fray or add to previous positions. Hopefully, you have taken some profits long the way...so even if you are not exactly right, in the end you will be right enough to make a very nice return.
95% don't think so, but that would be IRONIC and NICE! There must be so many damn lemming stop losses (although I am empathetic, I do understand), taken out it leaves one speechless, If you look at the "chart" not that it means squat anymore 13.46/13.76 "should be it." That is a complete nuke meltdown of the stock back to (for all intents and purposes the same) as the 11.00 low
whipper, I spoke to IR and according to them there have been no big institution holders dumping shares. there is still 20 million free / outstanding shares out there. But the big boys are still in it, and some in a bigger way now more than ever (Franklin)