The volume is a joke and this stock keeps setting new all time highs. I'm waiting at 17 to short another 10k. Im down $5k already from the 10k shares I shorted yesterday at 16. I am certain this will tank when the market corrects. They are way overvalued and sales will disappoint big time. I'm surprised people haven't taken profits more with as much as this has ran up. Nevertheless I'm sticking to my intuition and will continue shorting as it rides higher.
I saw your post yesterday and thought of your post today when it continued to run up more. I'm sitting on shares for which i sold covered calls with a strike of 15, I didn't expect that it would run up from 13 to 16.38, just from 13 to 15. I do agree with you- volume was thin and it's a high price for the fact that there isn't solid news out there. If it goes higher, I'll make a more negative using options, but to be honest IRWD has a really #$%$ option tree that is underpopulated.
I follow lots of biotechs and think lately the whole sector has been bloated and needs to shed some weight. I'm still long certain stocks like ARNA, ACAD, and my favorite SRPT, but I started tossing in short positions. My 3 I choose were TSPT, OREX, and this loser IRWD. This stock is pumped with too high of expectations and will bring steady losses for the next few quarters, possibly years.