Where the heck are the profit-takers?
Not that long ago, every time Regeneron (REGN) would gain more than 10 points, people would go nuts selling the darned thing, ringing the register. Now we've had a straight shot up from $426 to $467. Truly an impressive feat with nary a seller.
Or how about Esperion (ESPR), a company that I can't blame for canceling coming on Mad Money when they decided to raise money in a secondary after its anti-cholesterol pill showed some positive results. It had to strike while the iron was hot because there clearly wasn't enough stock around to sate the buyers. It was almost as if mutual funds wanted to mount a takeover of the darned thing.
Then how about Biomarin (BMRN)? Here's a company that did an 8.5 million share secondary at $93.25 back on Jan. 22. That secondary, the so-called smart money told me, would be the death knell in the stock because there were so many short-sellers in the name who had bid the stock up in a frantic attempt to bring in their shorts.
The stock closed at $127 today, up almost three bucks. Wouldn't you think that you would see a lot of supply from that secondary? The thing is tight as a drum. Same with Receptos (RCPT), which has an important immune disorder franchise that's got a bead on ulcerative colitis, among other illnesses. This stock's up in a straight line.
Or how about GW Pharma (GWPH)? Here's a cannabinoid stock that's up 48% for the year on nothing, no news at all, other than vague rumors that there might be a groundswell in Congress for federal approval of its pain-killing formulations. I don't know at this point I would take some profits, but I think I am the only one who feels that way.
Finally, there is ISIS Pharma (ISIS). Not that long ago, there was a lot of chatter about how one of its myriad formulations wasn't that strong. It looked like it was down for the count. Nope, it just keeps on climbing.
Part of this is the fact that the Pharmacyclics (PCYC) deal was at such a high price and had so many buyers that the shorts are giving up. Part of it, though, is that these companies are meeting multibillion unmet needs, making them desirable on their own right.
Just a remarkable and way-too-unheralded run for all of them.
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