Elite Pharmaceuticals Inc (ELTP)

[HankVerde]

We almost bought a home in Wickenburg, but ended up in Cottonwood instead.

One of our best current trades, second only to ELTP, is a biotech stock that did a reverse split in 2012. It was a 1-6 RS, making a $1.00 stock a $6.00 stock. Then, as frequently happens with reverse splits, especially when the company is somewhat desperate (not operating from strength like ELTP), the price fell to $1.60 last year.

But, guess what? They got a new CEO who really knows what he's doing and is well connected in the drug industry (sound familiar) and the stock is now trading in the $15-$18 range. It was a 10-bagger from the 52-week low of $1.60, but unfortunately our average price per share is quite high so, although we have a nice 5-figure profit, it's not even a double for us yet (we bought years ago at high prices, averaged down, and held way too long, but it is now finally paying off as dumb luck sometimes overcomes stupidity).

Tuesday can't come fast enough for me. I think this will be an exciting conference call. ELTP is even hotter than today's weather, which is very pleasant indeed!