I'm not sure if all the goodwill IMGN lost during those years of short bashing and poorly timed secondaries could finally be over and we're simply just getting back to where we belong.
More likely is another institution is trying very hard to get a large position quickly. I find it suspicious that the baker brothers invest in SGEN and it goes through the roof, then they dip their toes in IMGN and it starts rising.
I forgot to mention my kids. The oldest is already out of IMGN from 4 months back. the other 2 are still holders. :)
Sorry I've always suffered from TMI. Some people are so testy...sheesh
talk the stock down? have you seen how long I've been in this stock? did I forget to mention those 500 shares I have for sale at 20 were picked up at 14.20? did I also fail to mention I was a holder when we hit 40?
85mill shares outstanding
90% owned by institutions
shares available: 7M
shares short: 13M
I'm pretty sure that at least 1 million shares are tied up with the longs so it doesn't leave much for short covering unless the price goes up substantially to convince someone to sell their shares. Market makers need shares to meet demand so the price is going up while they look for some shares.
My wife was a seller at $18, same price she sold the last time IMGN hit 18..
I have 500 shares dangling for sale at 20.... come and get it.
a few thousand more will be available at some undisclosed price point above 40, then a few more thousand above 80.
I hate sounding like a bear but if IMGN management is not confident of near term price appreciation outside of our current run-up, they will take the opportunity to raise money now because more money is ALWAYS better.
If they are confident that they will be able to wait and do a secondary at these prices or even higher, then that's even better.
A secondary is necessary to float more shares and because they will always need cash. I'm hopeful that it doesn't happen this year but it will happen before end of 2017 in my opinion.
There are not enough shares available for trading so the stock price is going up to shake out a few shares. I'm afraid that a secondary could very well happen at these prices to throw a wet towel on the price appreciation but the run so far has been long overdue.
As far as patience goes, I would say for IMGN longs, there's is patience and then there is a whole other descriptor for us.... (probably stupidity, but patience feels too week a word)
Hard to believe technicals explain the run up, I always thought TA can predict the next run up. There must be a fundamental reason for increased demand, no stock operates in a vacuum and I think it's misleading to simply state that flag/pennant formation is why.
I think these jokers might get the hint soon that we're not going back to 13. I still have an order to buy more but I'm thinking maybe I should take some profits too. It's hard to sell when the price jumps for no obvious reason.
if IMGN valuation achieves parity with SGEN valuation (not a pie in the sky hope).
IMGN would trade around $80 per share which is so much more than a sell out in the 20s. I'm pretty sure we'll get there once more positive news is released. There are a lot of irons in the fire.
Longs have always been aware there are alot of potential. Maybe the market is just playing catch-up to all the potential.. Hope we get close to SGEN valuations
Up with the market. This is different.
I attended the stock holder meeting that time IMGN was around $40. I recall all the attendees being happy and slapping each other on their backs. I had a bunch of feelings that I should sell some and my wife was telling me to sell but I sat on it back to $2 losing over half a million in unrealized gains.
I'm sure if I had taken profits I would have got back in with more shares at 30 then 20 on the way down and lost everything anyway so not a big loss for me either way.
I learned a lot and ended up making money elsewhere while still having a core holding in IMGN..... just in case.
I'm still feeling like the behavior is different. The old imgn would have hit 13 and still be dropping a little everyday.
We actually went up with the market today and this is NEW for our little IMGN
I just put an order in for 600 shares at 13. I'll be lucky if it never hits my buy order.