Okay, 1000 SGMO @ $10.99 and sold 10 UGDFV (JUN08 $12.50) at $.25.
Sangamo Biosciences is another favorite of mine -- recent spike up to the $13s had me worried that I missed the boat. An analyst came out today with an opening Sell rating on the stock which made it dive $1.50 and I pounced (this analyst, by the way, is kind of a weather vane for me -- whatever he says, I do the opposite of).
I actually hope it stays below $12.50 past June because I want to keep these shares. Sangamo makes Zinc Fingers, which can basically turn targeted genes on or off. They are unlike most biotechs because they actually already license out the ZFPs to agro-chemical companies for genetically modified grains. Yes -- a biotech with revenues!
Current:
2000 SUPG (-20)2000 NBIX (-10)400 ELN (-2)2000 DNDN (-10)1200 TASR (-12)2000 ARNA (-20)300 WYE (-3)1000 SGMO (-10)
Cash = $24,894
Regards,
Trond
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2 comments:
Trond, but what about this article?
http://biz.yahoo.com/ap/080529/sangamo_biosciences_mover.html?.v=2
Not that any article is valid until proven true or false.
Hi Ming,
I'd email you directly but this is more fun since I get more activity on my blog. :-)
The article you point to is the one that caused today's dip. Jonathan Aschoff is the analyst I mentioned that is the weather vane for me -- and whither he points, I usually point the other way.
There's some dirt on him, such as he was fined and let go from an analyst position for impersonating a doctor when trying to find out how a clinical trial was going. (He's also been routinely down on Dendreon -- and you know where I stand there!)
Aschoff aside, the Sell rating probably flushed out some weak retail investors. The stock price had gone from $9-11 ish to 13 and was probably ready to give back some of it.
The company, however, is poised to release some news about their diabetic neuropathy drug in early/mid June, and will *probaly* be signing a partnership agreement with a large agro-chemical company in the fall. I see it as a $18-22 stock by this time next year.
Regards,
Trond
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