I think 91% of gaps fill according to the most astute technical guy I know...the Chart Pattern Trader, Ron Walker. Double digits not sure when but agree it's likely. Today may have been the last of the pullback?
We'll get there and well beyond, not this week though from the looks of it. It is still suppressed, controlled, and muted. There won't be any driven excitement to power the shares until we get more news. Meanwhile, they have $12.5M cash on hand, an agreement with Aspire Capital to purchase $15M worth of shares, their burn rate last year was $17M, so 18 months of cash runway out front, and with revenues building at the higher reimbursement rate of $900 and an expanded sales force pounding on the doors, we are geared up for a good positive ER conference call.
Somebody had to be first to recognize the disconnect here, and break the malaise. Don't know of any news, but it's so far down under that it casts a shadow up,
Thanks Bird, it was their single worst investment-by far, had to switch horses. Who would've thought?
The weekly is inspired, RSI rising at 71, Chaikin Money Flow just went positive, MACD soaring, bullish cross on the MACD happening this week, KST at 845 and rising, doesn't get much better than that! The highlight on the daily is the impending bullish cross on the MACD, likely by Monday with follow through. Good day for our stock, I see new 52 week highs in May. Holding 30,000 shares now, been here just over a week.
Sold all my daughter's shares (have two daughters, sold all their shares) she has to gather money for a down payment on a house next year and bought her HZNP when it broke under $14. Meanwhile this remains pinned to the mat. I sold 40,000 of my shares at higher prices and traded into ATHX and HZNP. Still holding 57,000 shares but looking for the exit on strength. Good luck longs, it's definitely a someday thing.
Athersys ATHX has approval for their Ishemic Stroke drug candidate in their cross hairs, in Japan with their Japanese partner paying for all trials. May 5th ER report will be next catalyst. The stock has had quite a run in 2016, January was a great month for them.
They tried to take it (indexes) down again this morning, and it's creeping back up. Yesterday the last hour was brutal to small caps, and if you glance at the charts of $SPX and $RUT, it shows they touched off the weakness of that last hour. It's definitely quiet, buyers are cautious, seeing some sellers come in the last two days, my guess is we do get 'all time highs' but after that, anyone's guess.
Just hope the market maker doesn't plan on closing the gap left by our outstanding day on the 18th of April. I've heard that gaps fill 91% of the time, but there is such a thing as a runaway gap, that may never fill. Let's hope this is one of those.
We have long since recovered from that, at the time yes, it did stink, we can all learn from this and plan a sale over a period of days if we need access to capital.
When stocks are not advancing much and the indexes can't seem to get unhinged from the resistance overhead, it usually means that we're headed for a fall, hopefully just a pullback and not another correction. Biotech has barely started a recovery. If you look at IBB for instance, it dropped 40% from 400 to 240, but has only recovered 17% to 281. I would like to think that biotech could decouple from the S&P 500, Nasdaq and the Dow and continue to stage a comeback, should these take a hit. Not likely IMHO, so the individual stocks we hold had better have good catalysts and outperform the sector. That is the case with MRNS, we hope.
$G'er, clever ID and astute observation, thanks! I was out today after first two hours of market, just reviewed the 15-minute chart and saw the volume bars. Wow, staggering volume as compared to most days, yet all those shares were accumulated hopefully by strong hands. It seems the short trade was actively dumping large numbers of shares to drive the price down, that's a determined short! That it turns out their efforts were largely wasted given the recovery of share values can only make longs smile, maybe we'll see a short squeeze? These shorts have NO hedge since there aren't options here. My biggest worry is whether there lies ahead another broad market correction. Technically, we may be due, but the fundamentals everywhere appear to be strengthening.
eskane, your post last week was emblematic of what happens when stocks are carving out a bottom. Retail often will capitulate at the lows, glad you didn't, it was obvious to me that we had just made the turn, this Company is on the move, they are doing everything they need to do to be successful, and it will happen. Market Pulse and Stocktwits were both buzzing about the stock for this week, how it was going to stop being the play toy of the shorts, they had their turn. Now we should gradually build value and it won't be long before we are back over $3.00 a share.
And when it was sinking near the $4.00 lows, I loaded the boat for my two daughters and they are now up 49 and 35% respectively, even though my shares were under water then. Now of course, it is easy to see what a great bargain that was. The sentiment has clearly changed since just a few days ago we had those two big red candles testing our rising channel support. Then came the abstract and the orphan drug designation, and together with a positive market backdrop, we are now soaring. We have a lot of turf to travel before we reach parity with SAGE, but then with a better drug, and positive Fragile X readout, it doesn't seem implausible does it?
O/T Ranger, I've been selling IDRA recently, got some shares off last week at 1.96-1.97, and this morning some more at 1.90. Can't keep a good attitude about holding it when I have stocks like MRNS and others that are going up based on near term catalysts. I just don't see that Company moving up anytime soon, feels like dead money to me. What's your take?
Further justification for orphan is they aren't under fire by Hilary and Congress as to drug pricing.