at $3.01 after trading resumed. I am all cash. Hopefully things will settle down a bit over the next week or so – though I have no confidence in the ability of certain politicians to do the right thing.
I have sold the remainder of my APPY (at $1.82) and VTUS (at $3.03). Also sold half of my CPRX (at $3.24). CPRX started off looking like it was going to have a huge day but was dragged down with everything else. I will hold on to the remaining half of the CPRX shares and will probably stay in cash for a while. While one major party in the US is threatening to default unless they can reverse the results of the 2012 elections, cash is probably the best place to be.
A nice move of 1.9% today. Particularly pleasant given that the NBI was down 0.4%. The move was driven by a great CPRX performance. It closed up 6.4%. I am now up 44% in this position. I was tempted to unload some today but it looks like it might keep on going so I will hold for a while longer.
At present I am 46% cash, 31% CPRX, 14% VTUS and 9% APPY.
Difficult day for the market with the NASDAQ down 0.25% and the Biotech Index down 1.1%. This portfolio was down ~0.6% – perhaps due a rest after four consecutive up days. Currently holding VTUS (up 3%), APPY (up 44%) and CPRX (up 24%). VTUS and APPY are small positions as I have previously exited 50% (both on 9/11).
VTUS is certainly disappointing in that I exited the first 50% at $3.45 and the price has rapidly come back towards my entry level (closed today at $2.70). On 9/11 it traded as high as $3.72. I am continuing to hold though. I am reasonably confident in the ultimate results of the pending phase 3 trial and it seems likely that if the PK/PD trial results were able to inspire a 40% spike, the P3 results should be all the more significant; Hopefully the stock will see some price appreciation ahead of time. It is certainly unfortunate that the trial data release seems to have been pushed back a few months.
I have been in APPY for about 60 days and am currently up 38%. I am going to take some profits here at $1.77 and sell half of my APPY shares.
Quite a morning for VTUS. My entry timing was pretty good! Huge volume and a 33% jump in price based on an announcement of safety and pharmacokinetic data required for the eventual (hopefully) NDA. I just off-loaded half of my position at $3.45. Will hold the rest and see if the momentum continues.
This afternoon I have added a couple of stocks to the mix. I bought a position in VTUS an $2.62 and a position in CPRX at $2.32.
APPY fell sharply today after a nice run from $1.42 to $1.77 in the last week. My portfolio was also down – time for a bit of a rest after 8 consecutive up days.
ZLCS popped this morning in the pre-market. I think it got as high as $0.98. I decided to take advantage of the strength and got out just after the open at $0.91. I had been in this one since August 8th when I bought it at $0.71. It was a rough ride as it dropped as low as $0.56 the following week. I was very happy to be able to exit up 28% on the position.
Yesterday I dropped my position in IPCI. I sold it at $1.91 for a 9% loss. I was wary of this from the start – and took a smaller position than I usually do. Once in it, I found that I did not really feel like hanging on to see if it could regain its recent highs.
APPY had a nice move today closing at $1.56. In late July it broke $1.60 but fell back quickly. I am up 22% on this one and hoping for a bit more. Just greedy I suppose. APPY is developing a diagnostic blood test that will help to assess children presenting with abdominal pain – specifically it will aid in ruling out a diagnosis of appendicitis. Very small market cap with an expectation of further data from their pivotal trial over the coming months.
Bought IPCI this afternoon at $2.11. Potential to move on news of its various ANDA candidates. It looks like it is breaking out today so I am going to see where it goes. I am a bit wary of this one and will therefore be taking a smaller position than usual. It does have the demonstrated potential for sudden, gravity-defying moves.
I sold my remaining BIOD today at $4.73. I was really trying to avoid a repeat of my experience with DCTH earlier this year. In that instance I sold my initial 50% at +53% and the remainder at +6%. Not sure I did all that better with BIOD – the first 50% saw an improvement of 115% on the purchase price. Today’s sale of the remaining 50% yielded a 75% return. Can’t complain too much about the combined 95% return – but I wonder if there is a way that I can better protect gains.
A fairly ugly day all round. Everything I am looking at is red. ZLCS collapsing a bit in the afternoon after a flat morning while APPY has lost the decent gains it was showing in the morning.