Thanks for that update, hadn't posted back at you cause didn't want to cover up that nice post! Recently, the Wall Street Journal implied that gains in TGEN share prices were tied to the H&Q presentation. On January 26th, this blurb appeared in the Journal:
Right Prescription: Shares of Targeted Genetics of Seattle rose 58.3% to $8.313 for the week after executives presented information about separate genetic therapies for cystic fibrosis and cancer at the Chase H&Q Healthcare Conference in New York.
I've been more than a little tempted to go to a strategy of 'turtling in'--take gains and wait for the next screaming buying opportunity. But instead, I've simply overweighted a few of my favorities, hunkered down in what I think are my best picks. Gains in biotech shareprices for the rest of 2000 are bound to slow down from the pace set in January, but looks like I am going to let profits run. The marketcap of TGEN is still very small compared with the typical biotech which has met with clinical success--and it looks like TGEN has now met with success. The folks who were at your presentation must be buying. And if I remember correctly, there are not a huge amount of shares of TGEN to go around, Yahoo reports 49% insider ownership and a third of the float tied up institutional.
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Disclaimer silliness: I came into '00 with a position in TGEN and my wife has a position which she does not trade. On 1/12 I bought 2500 additional shares at $5--hmmm, what gave me that idea? <g> I sold 1500 shares at prices between 8 1/2 and 9 between 1/19-23, and I bought 4000 shares yesterday near $7. Looking at five and 15 day moving averages on the shares, TGEN is a buy right now, having returned to the 15 day average from the 5, after a little extra froth recently. Disclaimer, I don't know what the hell I am talking about on this chart stuff, heheh.
I should point out that I do not base my descisons on the charts neccessarily, if they fall in line behind a trade, great but otherwise I try to be rational. After learning a little more about GZMO recently (received a letter from Genzyme which answered a question of mine very specifically) I loaded up on that one, paid market price and will not look back at the silly charts. |
