I realize the Phase 2 would have to be expanded to consider an approval, but that's a possibility.
I learned what brought the stock down dramatically today, Charles Schwab. They determined that due to IMGN's volatility, they were making IMGN non-marginable as of last Friday, and people with margin in their Schwab accounts were suddenly hit with major margin calls. I spoke to a broker their and stated that in my opinion it was market manipulation by Schwab, his defense was they warn their investors of the risk with using margin. This IMHO was a risk that no investor could anticipate.
I've not used margin for decades, but I remember being pressed when margin requirement changed, but nothing this drastic. In that case, a stock that was fully marginable was reduced in the percentage that it could be margined, if I remember correctly, they brought it down by 20%.
I could understand a brokerage lowering the margin for a stock that's making new highs every week, but taking it instantaneously down to zero clearly would bring the stock down, which it did. I don't know if the selling is yet over.
Gary |
