Only for those that shorted from $30 down to mid $20s. Some of them still have some gains that they will play wait for see if this is just a one day rally.
Walgreen better pay up and get their staff to call the insurance company before dispensing the drugs.
About time. It is a triple whammy today for the shorts. The Phase III trial results, Walgreen's comment as well as Street Diligence telling people to short their bonds but long on stocks.
The FDA is supposed to issue its verdict on 7/21 about the eye drug on glaucoma.
I think we would run for another day. This time is the short squeeze for those that sold in the mid 20s.
VRX submitted in July 2015 for approval and it has been almost a year so it is due for review and approval. This could potentially be a cash cow and good news for eye patients.
This will take this back up to the mid 30s. He probably already covered last week and started nibbling at some long positions.
I'm more enthusiatic to hear about the Phase II trial of the new eye medicine for Glaucoma. THink about FDA approval by 7/21.
not enough as NFLX, which I remained short. Some small firm came out and set a price target of $120 probably after they loaded some last Friday. Stifel has no pull given that we also have news from Europe. It can't hold $21 and that is disappointing. I saw big volume today, more than than past two days and there was a big dump. Wondering who sold out.
Sentiment: Strong Buy
We should have a $2 jump and this stock is so tarnished that it needs news like 'Chanos covered all his VRX short and now going long' to make it a $10 jump. Sad that news that actually affect VRX's everyday busines has less impact to the stock than the activities of a hedge fund manager.
But I think the selling is also related to quarter end window dressing. The stupid fund managers are selling at the lowest to those big shorts to cover cheap.
There has to be reason for this and maybe we'll hear more in the next few days ?? Could be another loser fund that decided to sell at the new 52 low to clean out the books before Q2 ends. I would never buy such funds that would buy high and sell low.
you are half right. The company has to execute its promise and show that they have a road map to recovery. Yes, the company's name has been tarnished by Pearson and it takes some time for the public to remember. They have already lowered the prices on some drugs and they are not the only one that charges astronomical prices. My coworker has a new drug for Crohn's disease and two doses is $14K !!!! yes but luckily insurance covers most of it and the co-pay is only $25. You think two doses that are supposed to last for a month would be $14K. VRX was probably undercharging in the past and they were catching up. But the news was focus mostly on their steep price increases without looking at other pharmies.
I hope Cramer gets a heart attack and die. Honestly this guy has done no good to a lot of stocks and just profiting by bashing them. I've not seen a lot of good things coming out from this guy since the dot com days and he is still yapping every morning on CNBC. I purposely won't tune to CNBC until after 8:00PST to avoid hearing his voice.
A lot of companies have challenges and they need to proof that lower prices can still make a good profit. What was bad was Pearson making bad deals with Walgreen. Management needs to work on new partnership including Walmart and make sure that they are making money on all precriptions.