Was definitely not expecting the second death, but not surprising that the market - spooked as they have been by the recent manufactured "bad news" and subsequent price deterioration - rushed in with sell orders. This despite the fact that everything else in Ariad's abstracts looked strong. (See BMO's take on 113, along with good news on the CV issues in Pona.) This morning's 5mm shares, and the bounce (hard) off of $15.35 looks like capitulation from here. My guess is that large players are scooping up shares this morning.
Very encouraging that we're $1.35 off the lows as I write this, and down just .43 on the day. Not impossible that we close green, tho a strong bounce in the macro biotech market would help that.
I hope the shorts have had their fun.
I have to believe that as cooler heads prevail, we'll come back over the next couple of weeks heading into ASCO. Looks like there's lots of good news coming in those presentations. Hopefully, the additional six months of 113 data look as good as BMO believes it will.
Picked up some June and August 17 calls this morning.
Good luck to all.