A few weeks back, I was eating with the greatest Seminole politician in the country at Houston's, and we were talking stocks. He had bought some HGSI at 2 and change. I told him I liked it, but I didn't have a position.
And he scored.
Biotech gives you huge scores when they work. Look at what BMY did tonight.They decided to buy Medarex (MEDX) at 16, for an 88% premium. Some people kill to get a stock like that.
Now the reason that I didn't buy HGSI, was because last year, I had OGXI--It was my "biotech stock of the year."
I touted it at 3.68; it's now $25.87, after raising money at $20.
But I didn't hold it. That's biotech. Which is why I didn't buy HGSI. And which is why I didn't "advertise" my pick of OGXI after it made an 800% move!
And which is why I congratulate anybody that wins in biotech. Because sometimes you have to have the patience of Job to score.
But when news is good, does anybody else notice how these stocks eerily anticipate the good news that is coming?
Anyway here's the tout that gave me biotech frustration.
It's my cathartic response to get over it, because it's time to get back on the biotech bandwagon!
Monday, October 6, 2008
If the results are good, this number could skyrocket. If not, it seems they have at least tried propitious timing with their news release.
If we get good prostrate cancer news today, then traders will probably take a look at this very thin and very small microcap company Oncogenex Pharmaceutical (OGXI 3.68), which six weeks ago, was fast tracked for their metastatic prostrate cancer.