This is why I have been scraping some profit off the table and raising my cash position.
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They're Brits. English isn't their first language."Cancer-causing carcinogens" as opposed to what, non cancer causing carcinogens?
I have a friend who bought into this company when it was the 1.50-2.50 range when it was getting into $7-$8 range I told him he should take the profits, it’s such a small company and risky. Didn’t listen, he was telling me it was going to the moon before that was even a meme. Same with CLSK, he bought them in the $2 range, when it got into 30s I told him to bail and he wouldn’t. He is long on both companies too, should’ve taken at least some profit off the table.Hey @Fogel I'm guessing this is what happens when the FDA doesn't cooperate:
Ardelyx Down 74% After FDA Letter on TenapanorBY Dow Jones & Company, Inc.— 11:38 AM ET 07/20/2021Ardelyx Inc. (ARDX) shares dropped 74% to $1.97 after the company said it received a letter from the FDA on its application for tenapanor in chronic kidney disease.The biopharmaceutical company after the bell Monday said it received a letter from the U.S. Food and Drug Administration stating that, as part of its review of the tenapanor new drug application for the control of serum phosphorus in adult patients with chronic kidney disease on dialysis, the FDA identified deficiencies that "preclude discussion of labeling and post-marketing requirements/commitments at this time."The letter stated that the notification doesn't reflect a final decision on the information under review.Ardelyx said it requested a meeting to discuss the deficiencies and was notified by the FDA Monday that the request was denied.The FDA hasn't provided specific details regarding the deficiencies, but noted a key issue is the size of the treatment effect and its clinical relevance, Ardelyx said.Wedbush downgraded the stock to Neutral from Outperform and lowered the price target to $3.00 from $14.00."With regulators indicating size of the treatment effect and its clinical benefit as a key issue, we are hard pressed to see anything but a Complete Response Letter emerging for tenapanor. The move is unexpected particularly in light of earlier labeling discussions between ARDX and FDA," Wedbush said.
I don't post this as a gotcha, but more a "Damn!" since I've been watching the stock since you posted about it, though I never took the plunge because I wanted to see how it played out. Guess it now has nowhere to go but up making it a buy? *shrug*
and all this as opposed to... smoking?"Cancer-causing carcinogens" as opposed to what, non cancer causing carcinogens?
Stop-loss orders are your friend.I have a friend who bought into this company when it was the 1.50-2.50 range when it was getting into $7-$8 range I told him he should take the profits, it’s such a small company and risky. Didn’t listen, he was telling me it was going to the moon before that was even a meme. Same with CLSK, he bought them in the $2 range, when it got into 30s I told him to bail and he wouldn’t. He is long on both companies too, should’ve taken at least some profit off the table.
I wanted another 10-12% drop so I could swing trade it again. INTC on earnings day is like an auto drop.
This is why I have been scraping some profit off the table and raising my cash position.
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Im being very picky and running a much lower risk tolerance than normal. Its earnings season so I normally do this anyways but the uncertainty with the Indian-flu is making me moreso. Im still looking for quality long term holds at a discount, but running very few options or swing trades right now.I'm not holding anything overnight. My last hold was AAL, and I sold that last week. Call me a pessimist, but I am about 80% sure the government is going to shut things down again because of the delta variant(and they want mass mail voting for 22'). I am sticking to day trades for now, but I do hope I am wrong. My wife and I have a trip to Vegas in October that I paid for with my AMC shorts and would be our first trip since covid started. I have five kids, and I NEED that trip...