Yes, they once again look stupid. It's as if your real estate broker, right after you've given him the listing, ran an ad describing it as "overpriced".
That short-lived spike on Monday, which looked like an attempt to sell stock to the shorts, in actuality would have done them a huge favor if they'd covered and held the stock. This looks like it wants to settle in at 52 for today. Now we are in the hands of the arbitrageurs, which is fine with me.
You seem to be ignoring the fact that Gilead has already faced this problem with Truvada and other HIV drugs. India has a very competent generic drug industry. Basically, if you charge a high price for a lifesaving drug, they will just make it themselves. Better to license it for co-manufacture or cut the price. The alternative garners you a heap of negative publicity and, in the end, no profit.
Well, I had counted on them taking it up close to 95 last week. But now that everyone has given up on that scenario, I wouldn't be surprised to see it happen this week. They were sitting on the bid @ 93 and 93.25 today. Let's see where they open it tomorrow. I'm guessing above 93.50.
93.50 puts them in play, I think. Wouldn't be surprised to see it go there today, even in the face of a declining market. (The deterioration of the 10 year today pushing it down, IMO.)
Yes, and now that everyone is giving up on them, they will be bought by the large holders. Watch even the Aug95's today, which have gone from .12 to .16 over the last hour.
Are you referring to Nero, the Indian Prime Minister, or Nehru, the Roman emperor?
Somehwere in India, a snake charmer is reading about an evangelist in West Virgina who died after being bitten by a rattlesnake which he had draped around his neck and thinking, "Holy Krishna, these people are ignorant!"
If you clowns lived in India, you would be railing against the various preferences which are provided for the lower castes. (Yes, there is a longstanding policy of "affirmative action" in emplyment and education.). Incidentally, the current prime minister of India, Nahendra Modi, is a low caste Ghanchi. But feel free to disregard facts. If it's not on Fox News, it can't be true.
Or - another way to put it - the market makers bracket the after hours with a bid which no one is expected to sell at and an ask which no one is supposed to buy at. Butevery now and again, some fool does.
Yes, Vertex is one of the few recent New England biotech successes. After being outflanked by Gilead on Hep C, they seem to have recouped with their new CF drugs. But I still think that it's striking that with almost as many people employed in biotech as California, Massachusetts produces fewer than 4% of the new drugs.
I see a certain amount of anxiety here due to the stock's failure to build on the recent rally. Keep in mind that Baker Brothers owns almost 12% of this company and it has always been their practice to take profits and rebalance their portfolio. PCYC has been their largest position and I would expect them to sell into the current strength. I think when we see the 13f in the next weeks, we will find that they have trimmed this position. All of this is normal, I think, and in no way diminishes my belief in the stock. I sold it out of my IRA at an average price of around 118.50 and am now rebuilding my position there gradually on any dips, while holding my position in the taxable accounts. As before, when it found support at 88, I would expect it to make a definite bottom in the next week or two.
To be fair to the old Bay State, if I were in need of serious medical attention, I would take the first plane from San Francisco to Boston. I would much rather be treated by physicians who want to be published in the New England Journal of Medicine than physicians who dream of appearing in the WSJ.
Re ALNY: I really don't know anything about the RNA inhibition pathways, but perhaps I will learn something. Being a native Bostonian, I am inherently suspicious of Massachusetts biotech companies. They seem to employ a huge number of scientists - almost as many as California - and produce almost no new drugs. It seems as if every biologist in Massachusetts is trying to win the Nobel Prize while every biologist in California is trying to become a billionaire. This may be a consequence of those overly cautious Boston bankers who doomed high-tech in Massachusetts. (Whither DEC, Wang, Polaroid, etc.- the tech icons of my youth?) So you end up with dull, predictably profitable companies like Raytheon, who depend upon government contracts. Massachusetts biotechs get a huge chunk of NIH spending and no doub tproduce a lot of interesting research. But they rarely make any money for their investors.
Now that the company is cash-flow positive with major milestone payments in the offing and about $300 million cash on hand, what could possibly make you forecast a secondary offering?
Yes, those 43 cent plunges are harrowing. On what premise did you buy the stock? That it was going to go up immediately? Do you have any conviction about their product and its prospects? As for those "three year grinding ordeal(s) in hope of a double", I would point out that 33% annual returns are not automatic.
This is an interesting way of dramatizing the fact that the average supermarket has a profit margin of a mere 1%. Your first meaningful contribution to this board.