could be that institutions (mutual funds most notably) are selling to lock in their 2013 gains since the portfolio managers' year-end bonuses are based on the size of their capital gains. These same managers will likely buy back CLDX and other biotechs in early January. The managers love CLDX, so the only reason for their selling now is greedily increase their bonuses.
where does this bleeding end? The AMEX Biotech stock index is up today and near its all time high. Are the shorters that strong? They have had the upper hand for several weeks now. Guess the CLDX run up this past summer was very premature. Holding and buying now, but where will be its bottom. I had thought we'd never see the teens again, but now it looks like there's a good chance.
As far as I know, the Bakers have never sold a single share of SGEN. If the recent price action is caused by fund groups as you described, this is very disconcerting to me, as it smells of manipulation and borders on being illegal.
SGEN has not behaved this badly since the 4 week stretch from late May to late June. This time the downtrend duration is approaching 6 weeks. Yet the AMEX BIOTECHNOLOGY INDEX (^BTK) is just off its all time high that was set in September. Why is SGEN down so much? Any rumors or speculation? Earnings coming out next Tuesday Nov. 5th, so I suspect expections of analysts are for lower revs than the street estimate. Maybe they have survey doctors to arrive at their reduced expectations? Are there other factors coming into play here? Surely the shorters have control, and are strong. When do the longs take control? The bleeding will eventually stop, but when? The stock is broken and had pierced its support, so it could go a good bit lower if Tuesday's report is not stellar. Then again, all the bad news might be built in to the price, currently $38.29, so even a slight miss on revenues might not cause further damage. I am optimistic we'll see new highs by the end of CY14 Q1, so I am a long who will be patient.