Biotech Values

[DewDiligence]

Just sold my medium-sized position in ARAY for a 34% gain. Reasons:

1. The company’s exclusion of a bearish analyst from its Investor Day presentation on Oct 4 was inexcusable, IMO, and suggests that the company has something to hide.

2. The presentation itself was banal and consisted almost entirely of unsubstantiated boasting about CyberKnife and belittling the competition.

3. I remain somewhat concerned about insider selling inasmuch as the IPO lockup expiration was less than two months ago.

I may revisit ARAY at some point but, for now, I’m out.