Bear,
What a crazy ride that was on Wednesday!!!
I was right on top of it and I was a very strange experience. Now that the dust is beginning to settle, I don't feel bad that the stock has settled back down. Let the day traders come and let them go.
MGI Pharma as a company is looking better than ever and tangible events are due to happen soon. Tom Meyer has attended the last three annual stockholder meetings, and the character of the one on Tuesday was substantially different. There was an air of momentum, confidence and accomplishment. I see a real chance at an opportunity to sell the MOGN at $20 again, perhaps higher, and perhaps before the end of the year. When the price gets there next time, there will be a solid foundation under it. I can't speak for the trading momentum of MOGN stock, but I don't see the momentum of the business of MGI Pharma letting up anytime soon.
Just for a moment, visualize the reality of rolling into phase II with hundreds of patients being tested for a wide variety of tumors. And, that most of those trails are being funded by the NCI. And, I believe, the announcement of a European partner for MGI 114. And, revenue rolling in from Salagen. And, revenue rolling in from INFeD. The kind of investors that activity will attract will be something more than day traders. For the medium to long term investor, MOGN is still a damn good pick.
David
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