>>I added INCY at 2.36.<<
Well, a 42% gain in one week isn't half bad, pgs.
IMO INCY has gone in ~3 months from >10 to a low of 1.85, not because of any failure or disappointment in their pipeline - quite the contrary - but because investors have decided that a quarter billion dollars in cash ... and ~$400M in converts which look unlikely to convert ... is not enough for them to get to market, despite having a likely blockbuster as lead product and some other promising candidates following behind. It's the old bio catch-22 magnified by the economic/credit crisis situation. You can't raise enough money to get to the finish line unless your stock price is higher, and your stock price won't go higher unless you can convince investors that you can raise enough money to get to the finish line.
The only way out is for INCY to do some significant partnering/outlicensing to raise cash and reduce the burn, which I expect they will do. But there too they will be in a relatively weak bargaining position because of their cash & debt situation.
Friedman and other insiders have been buying shares and Friedman has been whining about his stock price, but the former is unlikely to help much, and the latter is only putting a spotlight on the company's financial weakness. Eventually they are going to have to bite the bullet and do some outlicensing.
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