This is a follow-up to a post I made on Jan. 16 on some of the vision correction threads where I referred to SNRS as a baby VISX. SNRS closed on Jan. 15th at 8 3/8 and it closed on Monday Jan. 19th at 9 1/4 with a high that day of 9 15/16. Since then, the stock has been up to 14. It closed this last Friday at 10 3/4. The TA folks have been saying that it is poised for another upward move.
A link to a TA guy on Raging Bull that has uncanny accuracy ragingbull.com
SI, Raging Bull, and to a lesser extent YAHOO have posters from the TA perspective that concur.
In my Jan. 16th post, I speculated about the FDA Panel Review Meeting. Well, if SNRS is to be at the May 3rd & 4th panel, it will be announced this coming week since FDA announces that information two months prior to the meeting. The technical analysts are looking for an upward move in the stock, and news of being on the panel agenda will move the stock price up.
In talking with Investor Relations at Sunrise they say they could be at the May meeting but probably more likely will be at the July panel.
This stock will move to new highs on each of the following news events: Panel meeting agenda; Panel meeting recommendation; FDA approval; 1st QTR sales post approval; earnings in the black; and finally the point where VISX is, per use fees surpassing sales. If you watched BEAM back when they got approval, it made big moves. When VISX went to the panel there was a little problem with their clinical data and their price move was subdued compared with BEAM. If you followed KERA through the process, they went from $4 three months prior to the panel meeting and peaked out at $16 when they got an approval recommendation. They will go above that level on FDA approval.
I only have a small holding in VISX (unfortunately), a much larger holding in KERA, some LCAV & LVCI, and a lot of SNRS. If you have been thinking about expanding your holdings in the vision correction industry, do your DD quickly on SNRS. If it turns out that they will not be to panel until July, then there may be more good buying opportunities over the next month or so. This stock has a large short interest (1.7M shares) and when the panel is announced, be it May or July, I would expect there will be a lot of covering driving the price even higher.
Do your DD and good luck in all your investments.
joe |
