More updates

When I last posted at the start of August I was holding IRWD and ACAD. As I have just described, I held ACAD until today (153 days held – longest-held position of the year).


I sold my position in IRWD on September 28th at $13.14. My entry was $13.56 so this was a 3% loss. The stock has continued to perform very poorly since then and is now trading at ~$10.80. I continue to believe that this drug could have huge potential so it might be worth developing a position at these prices.











After IRWD my next position was PATH. I bought a 25% position on September 21st ahead of the mid-September PDUFA date. I bought at $4.18. This was a good, old fashioned mistake. 3 days later the company announced a dilutive financing that threw the stock into a tailspin. I knew that the company was cash-stretched and that they would need to find some way to finance through the PDUFA so I should have been ready for this. The stock did try hard to recover but I sold on November 7th for $3.44. This was an 18% loss.
Today I reentered PATH at $4.06. Still hoping for some momentum ahead of the PDUFA date and they should have dealt with a lot of the uncertainties now.











On October 22nd I shorted SUPN following its successful PDUFA for SPN-804. I sold at $14.05 and covered the position at $10.93.











Opened a position in EXEL on October 22nd ahead of the November 29th PDUFA date for Carbozanatinib. I don’t want to hold through this (in fact I may short an approval) so I sold the position today for $5.32. I entered at $4.68 so this was a 14% gain.


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