Heron Therapeutics Inc. (HRTX)

[gfp927z]

Cramer, That 200 shares at the ask was only what the market maker was showing. He could actually have a large amount available, but the 200 is all you can see on Level 2.

The only way to know what's there is to hit the ask with an order as you did, and see what happens. Sometimes there's 100 or 200 showing on Level 2, but a ton of supply is actually under the surface. Other times there is very little supply available, but the two situations look identical on Level 2.

I must admit to being disappointed and frustrated by the stock failing to break through $2 after multiple tries. Maybe next week, but we're starting to run out of time. My strategy with these PDUFA plays is to not hold thru the event itself (after getting burnt a couple times), especially if there's been a big runup in the weeks prior to the event. With APPA, if it doesn't run up and continues to languish at these levels, then there could be a nice pop post-PDUFA.

One thing with APPA is we never really got very much buzz going, no Feuerstein article/mention, etc. The BioMedReports piece was about it. I guess CINV just isn't as exciting as other areas of bio, even though the profit potential in CINV is very large.