We started with short interest increasing thru 2/15; then earnings missed by 6 cents & no clarity on the FDA position. We trade down a quick 6% or $1.85 from yesterday's close, then voila', we trade up until we're green, & up almost 1.4% for the day on decent volume.
No one running for the exits; even after a downgrade in TP to $19. In came the reinforcements with two brokerage houses increasing their respective TP for SRPT.
I, for one, am very happy with today's action, & I truly believe we longs will hear the news we have been waiting to hear very soon. I would not want to be short this keg of dynamite if over a weekend, or some morning at 8 a.m., there is news that in essence reverses the FDA "premature" news from 3+ months ago.
Seriously, the shorts will be like the Nazis at the end of Indiana Jones, having their eyes pop out of their skulls, & melting in a puddle .In fact, I'm going to provide my own personal opinion on the time line. SRPT gets its positive clarification from the FDA. It will be no later than the week of March 17th. Again, all in all it was a good day today. GLTAL
If the early Bid/Ask are any indicator, we may be in for another good day to follow up Friday's nearly 6% advance. There was an unusual AH volume on Friday (approx. 500K shrs) & the FDA may choose this week to give the greatest of holiday gifts to the children & their families. GLTAL