LONGS---If you can't even hold 7, what makes you think this doesn't drop below $6.00 soon.
I remember DNDN sporting $57's the day after it got FDA approval. I sold day one in the 54's to 53's and said there was NO WAY IN HELL Dendreon was going to be able to keep it's lofty $8,000,000,000 market cap.
When I saw $700M+ market cap here for KERX, shorting was a very easy decision. Personally, I don't believe it's worth $500M either.
Your point is well taken--get the heck out on news--e.g. FDA approval--always can get back in after the stock hits it's all time high then pulls back. I think we are still going to see the $5s before this hits anything big time--again that's just another buying opportunity. Got to love the the people on this board, as if you or I posting something negative is going to have some voodoo against the stock, rather than being rational about how the stock market is manipulated by traders and institutions.
The key word in your message is "longs" because even if it does, they are not going anywhere as you are praying for. So the first answer is it doesn't matter if it does or does not because the trend is to go higher in the LONGER run. The second answer is that it is unlikely because we have had a ton of upgrades with the majority having $15 targets and to add insult to injury, 3 reputable firms have taken a 5% stake in less than two weeks...pretty darn impressive. Wake up day trader, you guys have been suckered by the big boys. The shares were taken from you and until you wake up, they will keep taking them until the next leg up where you will be praying to go back down to 7.
Because real Longs don't care what tomorrow brings. We know what we have and are very comfortable waiting for the lightning to strike when conditions are right. Stay thirsty my friends! The cooling rains are coming.......