Bruce,
Methinks that the majority of the old hands left a while back, and who can blame them given the fun ATIS has had stock-wise over the last year. Rick is still around, and filled with all of the enthusiasm of before, huh?
Anyway, looks like volume continues to increase each day, and the average trades have increased to just under 1300 per trade as of today, a slight increase only, but a large one in terms of value. Biotechs continue to improve as a whole, and ATIS can't help but gain further short-covering right now. In addition, many investors are now momentum investors, so a bit more volume and movement and people won't avoid it, although these aren't necessarily the long-term investors we would like....better for long-term with more orderly upward movement, but who's going to complain? Nevertheless, the trades still aren't typical institutional type, so the real fun hasn't even come close to starting yet.
About your thoughts with news, ATIS has routinely gone up in advance of news in the past, and I wouldn't be surprised to see good news, such as passing lab reinspection, in the near future. Other keys are the probable enrollment of subjects in the dermagraft study, possibly giving us a good chance of getting to interim analysis before '99 finishes. These would be the kind of things that would make this rapid type of upward movement occur, as it easily is outpacing the biotech market right now. These are also the types of reasons that would say the current price is absolutely sustainable...although there is still likely more short-term upward movement to go. Also, I still wonder when there will be an announcement about the new partner that is being looked for gene therapy treatment?
I see the short-term resistance primarily at 5, given the option trading built-in block point, although if it can zip through, who knows which old prices can become the norm again? 10 would be nice, but I'd be awfully surprised to see that in the very immediate future. 5ish, or possibly up to 7.5 are conceivable.
So, Bruce, did you load up at 1 and 3/4??? :)
BTW, there was an article in the San Diego Union Tribune on saturday that spoke of the rising biotech market, but said certain companies just aren't attracting investors right now as people wait to see what it going to happen with their products, such as ATIS and Amylin. Good timing for the article...I haven't checked Amylin, but.... They recommended companies such as IDEC and Agouron, given that they have existing products out right now.
Regards,
Marshall |
