I really would like to see this rebound above $4.87; seems to be an important technical level (based on Kovner's previous buying and Tuesday's close). I am hoping today's trading was a washout to trigger stop loss orders and have weak longs sell too.
I think we likely just got caught up in the general flush of the biotech market. Today would have reversed if the shorts hadn't chosen today to destroy all biotechs. KERX, CLDX, SRPT all hit pretty hard today. People holding out for 4 are getting greedy I think.
Good point! Biotechs have been (and are still being decimated). A ferocious rotating correction going on in the market too. Actually, Cramer (Mad Money) has been a big proponent of selling the bio's over the last few weeks (believe it or not). Great company with huge potential; requires some patience (as you know).