Kiran- there is no way to know if it's going to do OK or not. As my last post indicated, this stock does not follow conventional wisdom...ever. The only thing I can tell you at this point is that the stock has broken every level of support it had with ease AND all technicals have turned negative. This all happened in just 4 trading days. I can't tell you how that plays out, as again, the entire biotech sector has gotten crushed the last two trading days. Is there a bounce?
It seems pretty evident to me that the street does not believe the company at this point and in fact believes they are "data mining" their drisapersen results, as every comment they make is met with immediate selling. That leads me to think that unless we get a resubmittal of data to FDA for approval or some of their other trial results come through...this thing is stuck.
I would like to think that the large bids that were in place most of the day between $6.02-$6.08 are in fact, just the opposite...they are shorts finally covering their positions. EDGX is the market maker who always sits on the ASK pushing this down, so the fact they were on the bid large most of the day would seem to imply covering. Whether that is true or not, I have no idea. All of this is JMHO, of course.
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