Rick,
Anyone do OK today?
Seems you're not finding a lot of people who did OK yesterday - so in case you'd like to move on to look at people who got the biggest spanking, I'll nominate myself, "Chief Gottalotta PCYC/CLTR". I presume everybody's familiar with what happened in those names yesterday, and on into today as well. Only loss of some outsize paper profits, no actual underwater positions, but unpleasant nonetheless...
Actually, outside of these two names with the big news events, the rest of my biotech portfolio of mostly late-stage cancer plays did OK yesterday: LKST 26 +5/8, IMCL 28 5/8 +1/4, SUPG 20 1/16 +1/16. A couple of newer smaller positions down slightly, PDLI -1/4, LGND -3/32 (I thought LGND had finally gotten cheap enough after the recent plunge and picked some up, but I think perhaps the market isn't done trashing this one quite yet...). Also still have some SUGN, down a little yesterday, but can't really count that one anymore among the biotechs...).
Don't know if there is any helpful significance here or connections to be made - I happen to like a focus on late-stage drug candidates in an overall market that's seen to be toppy or overvalued on a historical basis, remains to be seen whether such a focus might rescue some performance in the event of a protracted downturn. Theory perhaps being that driving events are likely to occur in such names that are powerful enough to overcome overall market nastiness (big progress toward or achievement of FDA approval, perhaps even resulting in enhanced munchability for a prowling big pharma). Of course, folks lacking any bearishness in overall outlook may find this discussion irrelevant...
Changing the subject, would be very interested to hear any thoughts you might have on the current outlook for project photo-roto-rooter, esp. in light of newest announced results.
Regards,
Gordon |
