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Here We Go Again – Pharma & Biotechs 2014

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Ladies and Gentlemen, hobos and tramps,
Cross-eyed mosquitoes, and Bow-legged ants,
I come before you, To stand behind you,
To tell you something, I know nothing about.

And so the circus begins in Union Square, San Francisco for this weeks JP Morgan Healthcare Conference.  Will the momentum from 2013, which carried the S&P Spider Biotech ETF to all time highs, carry on in 2014?  The Biotech ETF beat the S&P by better than 3 points.

As I noted in my previous post, Biotechs Galore – IPOs and More, biotechs were rushing to IPOs so that venture capitalists could unwind their holdings (funds are usually 5-7 years), as well as take advantage of the opportune moment when the reward is all about risk.  In our current low interest rates environment, investors are starved for better returns, and the perfect place for those gains are high risk/reward biotechs.  A total of 46 companies went public in 2013 (16 more after my initial write-up), and 80% of them were ABOVE their IPO pricing!  The entire IPO 2013 class was up 48%!  48%! I know that cutting edge science is exciting, BUT when a company is valued for a potential treatment that still have a long way to go for final approval, I want to sell you a wing and a prayer for an idea I have that cures something I cannot tell you about….

Science is an exciting area to be apart of, and it is our hopes in this field to make an impact on a patient's life (for the better of course), but the gradiosity of the market sentiment for these biotechs makes me want to give everyone a Valium!  There is some very good science in the companies that went public, and those were covered in my previous post.  Now, a few more of those fledglings will be discussed.

Entana Pharmaceuticals (ENTA) – is riding the hepititis C wave that has engrossed the pharmaceutical industry the past few years.  Vertex (VRTX), Bristol (BMY), Merck (MRK), Gilead (GILD), JnJ (JNJ), and Abbvie (ABBV) are all in the space.  Even so, a few biotechs…
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Biotech Galore – IPOs and More

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Come and get it!  Read all about it! Biotechs, biotechs and more biotechs to buy buy buy for your portfolio! To date, almost 30 biotech companies have hit the market.  Most of the time, there are fewer than 10-12!

For the last five years, biotechs have had issues obtaining offer prices above expectations.  In 2013, that trend looks to be broken.  According to BiotechNow, the offer prices are 4% above expectations!  In addition, biotechs are going public with little more than a wing and a prayer (pre-clinical or Phase 1 data only).  Really? What this means is that the drug or technology looks good in mice, rats, or dogs, etc, but there is no smidgen of evidence that it will work in humans. That's what is called an appitite for RISK!

Of the thirty or so companies, several came out of the gate and have done quite well (figures from BiotechNow):

                        

Those are some impressive numbers, but what do the companies have that make them attractive?

Epizyme (EPZM) – One of the 'darling' companies of the IPO market, EPZM has moved into the heavens with its stock price, and a market cap of almost $1B for two Phase 1 programs that look very interesting, but have no validated human data.

The company is working on cancer, and more specifically histone methyltransferases (HMTs referred to hereafter).  This family of enzymes are involved in the winding and unwinding of DNA.  So, in cancer, if the specific enzyme that unwinds DNA is over expressed (more of it), then cancer cells can multiply faster.  EPZM is looking at two specific HMTs, DOT1L and EZH2. 

DOT1L inhibitor, EPZ-5676, is a small molecule inhibitor of created for the treatment of acute leukemias in which the MLL gene is rearranged due to a chromosomal translocation (MLL-r). Due to the translocation, DOT1L is recruited to specific locations in the chromosome where it would not normally be present. As a result, DOT1L causes inappropriate methylation at these locations, which results in the increased expression of genes causing…
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Pet Meds – Still Chugging Along

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Readers of PSW Chat know that I have long been a fan of pet companies, especially those with branded products that owners pay out of pocket to keep their animals healthy.  The industry continues to expand, whether it is food, supplies, medicines or purchasing animals themselves.  In fact, from 1994 to 2012, the industry has tripled from $17 to $53B.  For 2013, the growth estimates are a modest 4.1%.

  2012 2013
U.S. Pet Industry Expenditures (from APPA) in $B
Food 20.6 21.3
Supplies/OTC Meds 12.7 13.2
Vet Care 13.7 14.2
Animal Purchase 2.2 2.3
Pet Services (Grooming/Boarding) 4.2 4.5

Getting a foold suppliment or additive is not really that hard in the industry, but the branded medications/vaccines/antiboitics are much like the human path to the market.  Rigid clinical trials are done, and today over 300 products are approved for use in companion animals (dogs, cats and horses).  With most of the revenues coming from out-of-pocket funds, the market is ripe for smaller competitors to enter and be swallowed up by larger companies.

In the past few months, Pfizer (PFE) has spun off their animal health division Zoetis (ZTS), and a pet biotech Aratana Therapeutics (PETX) went public.  Merck, Eli Lilly, andSanofi have their pet divisions as well, and David Krempa (Morningstar) calls the animal health industry “a really attractive business to be in, more so than human pharma.”

It is time to look at a few of these public companies, and at PSW (in member chat), positions were intiated in ZTS and PETX.

Zoetis (ZTS) – is a global manufacturer of >300 medicines and vaccines products and currently has a market cap of about $15.3B (forward P/E is…
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Give Them an Inch, They Will Take a Mile

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Well, well, well….it is good to know that there are others in the scientific arena who believed that YMI Bioscience's data (cough – Gilead) is a better drug than Incyte's Jakafi.  Now, the definitive data are still unknown, but there was enough evidence from a Phase 2 trial to take a small risk for a huge reward.  So, let's forget about Apple (AAPL), and do nothing but biotechs from now until Congress passes universal health care coverage for prescriptions….and drive the prices down so that research and development is no longer feasible to conduct in the US. Even Seattle Genetics (SGEN) has been on a tear as of late, and I expect more from it in the future. Its future may be short lived, as it is my premise that it will be bought out for its technology and pipeline.

At PSW we continue to sell premium against a position.  We have been doing this for many months, especially against a basket of biotechs that we have been buying and holding (CRIS, PLX, EXEL, and others). 

Let's take a look at a few other companies pipelines, and see if they are worthy of our funds.

Merrimack Pharmaceuticals (MACK) – the company was founded in 2000 and went IPO at the end of March 2012 for $7.  The IPO, in which all outstanding shares of Merrimack's convertible preferred stock were converted into 66,255,529 shares of common stock and in which Merrimack issued 15,042,459 new shares of common stock, yields a market cap of $591M.  Cash and equivalents on hand were about $80M, and a loan guarantee they note should get them into 2014, but raising money is something that Biotechs do on a regular basis.  So, we will not hold our breath.  In the last six months, insider ownership has increased by 2.8%, while institutional ownership has increased by a staggering 34% (here).

 

The company's lead drug is MM-398, which is a nanoliposomal encapsulation of the conventional chemotherapy Camptostar (irinotecan; Pfizer). 

is put in to make it last longer in the body as well as potentially attain drug concentrations required for optimum therapeutic efficacy in the target site while minimizing adverse effects on healthy cells and tissues. …
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Monoclonal Antibodies (Part 2)

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Monoclonal Antibodies (Part 2)

(See also: Monoclonal Antibodies Part 1)

Courtesy of 

In Part 1 of Monoclonal Antibody Companies, I highlighted a leader in the field, Seattle Genetics (SGEN). It's technology incorporates monoclonal antibodies (mAb), and also allows for having a drug ‘tagged’ on the mAb, so that when the mAb attaches to a cell, it is ‘ingested’ into the cell, and the drug is released. The antibody-drug combination is called an antibody-drug conjugate (ADCs). ADCs are "empowered" antibodies. They are designed to use the targeting ability of the antibody to precisely deliver the toxic drug where it's needed, increasing its effectiveness and decreasing side effects.

Think of the technology as a bunker buster bomb, that is guided by a laser, hits its target, penetrates, and then destroys all from within.  Seattle Genetics has licensed its technology to several companies. Other companies are involved in this kind of research as well.

Antibodies are used by the immune system to clear pathogens from the body. The antibody protein is in the shape of a Y, where the trunk is the effector region (similar in most antibodies) and the ends of the Y are the variable regions (paratope) that bind the pathogen (antigen).

Antibodies are produced by B-cells and used by the immune system to identify and neutralize foreign material such as bacteria and viruses. There are several types of antibodies made for the defense of the body. (More here)

ImmunoGen, Inc. (IMGN, $12.92) was a pick several years ago…
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Biotechs Galore – A Few For Consideration

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Biotech Corner: Monoclonal Antibody Companies (Part 1)

From The latest Market Shadows newsletter: A Failure to Communicate: Numbers, Rates & Lies

By Pharmboy

Biotech stocks are my passion. My alter-ego is a scientist, working in the field of biotech, and I love it.

The days of becoming the next Genentech or Amgen are over. Big Pharma will become the juggernauts that will sell and market the drugs, while smaller companies will fill the pipelines and keep the juggernauts running.  Premiums being paid to buy phase 1 compounds are increasing. Phase 1 includes all preclinical testing. The larger companies are paying 100M for phase 1 compounds, whereas it only takes about 25M to get to phase 1. (Phase 1 compounds are those that have completed very early trials, but for which there is no efficacy data yet.)

Typically, biotechs are more efficient than Big Pharma companies. The return on investments for biotech companies, if they are efficient and successful, is north of 300%. That is not a bad return….but biotechs are high risk and often have many failures that eat into those potential gains.

I am going to focus on a few companies that have a communal relationship to a technology – the monoclonal antibody (mAb) technology. Monoclonal antibody technology had its first success in 1986, when muromonab was approved for transplant rejection. mAb’s are specific to a particular target.  When a mAb binds to its target, it stimulates an immune response. The immune system then attacks the target and ‘kills’ the target.

Monoclonal Ab technology has exploded, with ‘tags’ now being attached to the mAb. Those tags can be radionucleotides, anti-neoplastic agents, other antibody-drug conjugates (ADC), and other proteins.  All of these tags are released when the mAb binds to its target, the conjugates then perform their actions. There is a very good review here.

 

 

There are several companies that have employed the technology of attaching a drug (ADC) to their specific mAb. One company that has both in-house and licensed-out technology is Seattle Genetics (SGEN, $25.31). SGEN is poised for growth – IF a few of its mAb’s prove to be effective in treading various blood cancers. The company licenses out its technology to Roche (Genentech), Celldex (CDLX), Progenics (PGNX), Abbott (ABT), Astellas and many other companies for various types of cancer.…
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Phil’s Stock World – Vegas Style

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Greetings members….and welcome back from a fabulous time in Vegas, and then a little time for a Thanksgiving filled with friends and family. 

PSW in Vegas had a great turn out, and lots of questions were asked and answered by Phil, Craigzooka, Ron and Pharm.  A very big thanks to Savi and LVModa for making the time spent efficient and productive!  Now, on to a summary of the presentations.

As always, for any new members, things started off with how to manage a portfolio.   The amount that the portfolio has in it is not important, it is how those funds are deployed.  When first joining PSW, many think that they should jump right in and start trading with Phil and the like, as every trade appears like a winner.  But, that is not what the board is about….it is about sustaining our funds, and letting it grow through time.

With that in mind, The Man Who Planted Trees is where to start the PSW experience.

 

Instead of writing a summary about the video, take the time to watch it.  Think about its message, and how it relates to your investing style.

Being in Vegas, Phil pointed out that the city was built on "being the house."  The stock market is nothing more than gambling.  One 'invests' in companies 'betting' that the value of that investment will grow with time.  If one invests in a stock, why not collect rent on that investment – selling calls and puts against the position.  If the company pays a dividend, then that is an added bonus.  By selling 'premium,' one is being the house.  When selling the puts, though, it is important to remember that one better 'damn' well want to own the stock at that price, or have a counter move to buffer any potential moves in the stock price.  Hence, the buy-write method, where one can own the stock for a 20% discount.

This is a simple way to invest (gamble), and it is good to re-evaluate every month or so if the positions are long term buy-writes – meaning out 3 mo or more.

A side note:  Apple (AAPL) was a mainstay of many conversations, and it is my personal belief that investors (gamblers) should stay away from this stock. …
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Still Here, Just Waiting…..Biotechs Are In a Holding Pattern

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

A few months have passed since my last post, as there has been things happening in the biotech world, but nothing 'new' enough to jump on board and get behind.  Drug development is a long, arduous process, and clinical trials are the worst.  The smaller the diseases are in a population, the longer it takes to enroll, test and then post results. 

At PSW, we have been patient investors in MITI (bought by Amgen), CRIS, EXEL, SGEN and many others, and waiting in the wings are CLDX, YMI, and now PGNX.  I noted several years ago, that cancer and neuroscience are the final frontiers to conquer, and they remain today where they were then…so time does not change things that fast!  Diabetes and cardiovascular diseases are pretty well served with existing therapies, and yes, there will be a few that creep into the space, but overall these diseases needs are met.  The hottest areas in pharma today remain small, elusive, and lucrative diseases that demand a premium – cancer and fibrosis.

Fibrosis is another topic, and in the next few months, an article or two will go over some new therapies for fibrosis, which can manifest itself in several different disease types (IPF, kidney, scleroderma, etc).  For now, this article will focus on cancer treatments, and more specifically, monoclonal antibodies (mAbs) that have attached to them a chemotherapeutic.

First, a short summary on mAbs and how they work. 

Antibodies are used by the immune system to clear pathogens from the body.  The antibody protein is in the shape of a Y, where the trunk is the effector region (similar in most antibodies) an the ends of the Y are the variable regions (paratope) that bind the pathogen (antigen). 

Antibodies are produced by B-cells that is used by the immune system to identify and neutralize foreign objects such as bacteria and viruses. There are several types of antibodies made for the defense of the body, and they can be read about here.

Scientists figured out how to manufacture antibodies to a specific antigen in the late 1970s, but it was not until the '80s that the use became more feasible.  Mouse hybrids were the first antibodies used (called chimeric…
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2012 Vegas Information for PSW Members

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Last year, members gathered around a few tables and enjoyed meeting each other and listening to all our recent disasters on investing.  Phil talked about managing portfolios, and rambled here and there about how great Pharmboy was ( :) ).  No, really, the time was well spent, LVModa put on a good venue for us to eat, drink, chat, and most importantly, learn.

This year we hope to have more members show up and give their take on trading, investing, as well as just meet who is whom behind the mask. Details are noted below on who, where, and when.

Who:  PSW memebers – open to anyone who want wants to pay Savi

Where:  Las Vegas – many stayed at the Vdara, but the meetings took place at Cafe Moda LV, 3400 South Jones Blvd, Las Vegas, NV 89146

When:  November 10-12

  • Saturday Night ~7 meet for dinner (dutch payment, probably Nobu) also poker for those interested.
  • Sunday 11 am – lunch at Cafe Moda, Meeting until about 4
    • Opening Remarks – Phil
    • BBBW – Ron
    • TA & Pharma Investing – Pharmboy
    • Open Mike!
  • Monday 6 am – breakfast and be there before the market opens until market closing (about 1 pm)

Costs: $200 deposit, minimum of 25 members, maximum 50 members.  Money pays for Cafe Moda venue, internet access, lunch (Nov 11) and breakfast (Nov 12).

Pay Savi S. via Paypal.  Contact info is savi_ted at hotmail dot com





Big Pharma Review Part 2

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Throughout the global pharmaceutical industry, 47% of respondents are ‘more optimistic’ about revenue growth for their company over the next 12 months relative to the previous 12 months.  A further 28% of respondents are ‘neutral’ about revenue growth as compared with 23% who are ‘less optimistic’ about their company’s revenue prospects (InfoGrok).  China is expected to continue to be a large part of the industry's growth, where the EU (obviously) is expected to slow down.  Overall, though, the pharma industry is still working through its patent cliff, with the final last call for a few blockbusters (The Calm Before the Storm). 

This is the second installment of the Big Pharma Review where the pipelines of GlaxoSmithKline, Novartis, Eli Lilly, Sanofi, and AstraZeneca will be updated/discussed (Part 1 is here).

GlaxoSmithKline (GSK) has been in the headlines recently for its desire to acquire Human Genome Sciences for $13/share ($2.6B).  The company has plenty of cash, and it is not like it cannot afford HGSI, as GKS has a market capitalization of $114B. The company generates revenue of $43B and has a net income of $8.6B.  GSK has also increasing its stake in Theravance (THRXarticle on THRX here), and bought a German company, Cellzome, which uses a proteomics technology to analyze the efficiency of a drug and for safety profiling research.

The company's flagship products are in respiratory (Seretide/Advair (named Beyond Advair) and Avodart).  In recent news, two experimental melanoma medicines (dabrafenib and trametinib) slowed the progress of cancer with few skin complications in an early study.   Dabrafenib works by inhibiting BRAF, a mutant gene that spurs cancer cell growth in about half of melanoma patients, while trametinib is designed to thwart a related protein called MEK, which helps tumors resist an assault on BRAF.  The drug combination had a lower incidence of rash and skin lesions than had been previously reported with Roche’s Zelboraf, according to a study of 77 patients with advanced melanoma, the most-severe form of skin cancer.

Vaccines, cardiovascular and dermatology (with its Stifel acquisition from a few years ago) will continue to drive growth.  David Redfern of JPM has a very good slide deck from its 2011 Conference on GSK's revenue and pipeline here (PDF of GSK's pipeline…
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Zero Hedge

U.S. Exports A Record Amount Of Gold To Hong Kong In January

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by SRSrocco via SRSrocco Report blog,

The figures are out and it looks like the United States exported a record amount of gold to Hong Kong in January.  Not only was this a one month record… it was a WHOPPER indeed.

Last year, the U.S. exported a total of 215 metric tons of gold bullion to Hong Kong.  This was not the total amount of gold exported to Hong Kong as some smaller quantities of Dore’ and precipitates made their way into the country as well.

However, Hong Kong received more gold than any...



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Chart School

S&P 500 Snapshot: A Modest Gain After Mixed Economic News

Courtesy of Doug Short.

The pre-open economic news was a mixed bag: New Jobless Claims were worse than expected, but the March Durable Goods Orders came in above forecasts. The S&P 500 jumped at the open and quickly hits its 0.46% intraday high, a follow-up of yesterday's after-market upbeat Apple earnings report. It then sold off to its -0.27% intraday low about 30 minutes later. A quick recovery took it back into a positive trading range for the rest of the session, ultimately closing with a modest 0.17% gain.

The yield on the 10-year note finished at 2.70%, unchanged from yesterday's close and 10 bps off the 2014 low of 2.60%.

Here is a snapshot of the past five s...



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Phil's Favorites

Real Durable Goods Orders Below Average in March, Trend Stays Weak

Courtesy of Lee Adler of the Wall Street Examiner

Actual, not seasonally adjusted real durable goods orders rose 12.1% in March from February. March is typically the strongest month of the year. The current number represents below average performance. The 10 year average gain for March was 14.4% from 2003 to 2013. These are inflation adjusted numbers representing actual order volume, not nominal sales.

Real Durable Goods Orders – Click to enlarge

The year to year gain was 7.2%, which represents a rebound from weakness in the past 3 months. The trend had been flat for the past two years.

This gain puts real durable goods orders ...



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Market Shadows

Releasing CAT

Releasing CAT: Sold Caterpillar on today’s earnings report bounce

By Paul Price of Market Shadows

I am satisfied with the move in Caterpillar because we bought our position during its out-of-favor periods. Here are the dates when we purchased and how much we paid for CAT when it went into our Virtual Value Portfolio .  

   Stock                                                  Ticker              Date             # Shares       Price

...

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Insider Scoop

Bazaarvoice Reaches Settlement With DOJ in Antitrust Litigation

Courtesy of Benzinga.

Related BV Zacks Rank #1 Additions for Wednesday - Tale of the Tape Benzinga's M&A Chatter for Tuesday April 15, 2014

Bazaarvoice, Inc. (Nasdaq: BV) today announced that it has entered into a settlement with the U.S. Department of Justice ("DOJ") that would resolve the DOJ's claims in the antitrust action challenging Bazaarvoice's 2012 acquisition of PowerReviews. In consideration of the decision issued by the Court on January 8, 2014, the parties hav...



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All About Trends

Mid-Day Update

Reminder: David is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Option Review

Casino Stocks LVS, WYNN On The Run Ahead of Earnings

Shares in Las Vegas Sands Corp. (Ticker: LVS) are up sharply today, gaining as much as 5.7% to touch $80.12 and the highest level since April 4th, mirroring gains in shares of resort casino operator Wynn Resorts Ltd. (Ticker: WYNN). The move in Wynn shares appears, at least in part, to follow a big increase in target price from analysts at CLSA who upped their target on the ‘buy’ rated stock to $350 from $250 a share. CLSA also has a ‘buy’ rating on Las Vegas Sands with a $100 price target according to a note from reporter, Janet Freund, on Bloomberg. Both companies are scheduled to report first-quarter earnings after the closing bell on Thursday.

...

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Sabrient

What the Market Wants: Market Poised to Head Higher: 3 Stocks to Consider

Reminder: Sabrient is available to chat with Members, comments are found below each post.

Courtesy of David Brown, Sabrient Systems and Gradient Analytics

Yesterday, the market continued its winning ways for the fifth consecutive day.  The S&P 500 closed within 1% of its all-time high, and the DJI was even closer to its all-time high.  Healthcare, Energy and Technology led the sectors while Financials, Telecom, and Utilities finished slightly in the red.  All three sectors in the red are typically flight-to-safety stocks, so despite lower than average volume, the market appears poised to make new highs.

Mid-cap Growth led the style/caps last week, up 2.87%, and Small-cap Growth trailed, up 2.22%. This week will bring well over 100 S&P 500 stocks reporting their March quarter earn...



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OpTrader

Swing trading portfolio - Week of April 21st, 2014

Reminder: OpTrader is available to chat with Members, comments are found below each post.

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here...



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Stock World Weekly

Stock World Weekly

Newsletter writers are available to chat with Members regarding topics presented in SWW, comments are found below each post.

Here's this week's Stock World Weekly. Click here and sign in with your PSW user name and password, or sign up for a free trial.

...

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Digital Currencies

Facebook Takes Life Seriously and Moves To Create Its Own Virtual Currency, Increases UltraCoin Valuation Significantly

Courtesy of ZeroHedge. View original post here.

Submitted by Reggie Middleton.

The Financial Times reports:

[Facebook] The social network is only weeks away from obtaining regulatory approval in Ireland for a service that would allow its users to store money on Facebook and use it to pay and exchange money with others, according to several people involved in the process. 

The authorisation from Ireland’s central bank to become an “e-money” institution would allow ...



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Promotions

See Live Demo Of This Google-Like Trade Algorithm

I just wanted to be sure you saw this.  There’s a ‘live’ training webinar this Thursday, March 27th at Noon or 9:00 pm ET.

If GOOGLE, the NSA, and Steve Jobs all got together in a room with the task of building a tremendously accurate trading algorithm… it wouldn’t just be any ordinary system… it’d be the greatest trading algorithm in the world.

Well, I hate to break it to you though… they never got around to building it, but my friends at Market Tamer did.

Follow this link to register for their training webinar where they’ll demonstrate the tested and proven Algorithm powered by the same technological principles that have made GOOGLE the #1 search engine on the planet!

And get this…had you done nothing b...



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Pharmboy

Here We Go Again - Pharma & Biotechs 2014

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Ladies and Gentlemen, hobos and tramps,
Cross-eyed mosquitoes, and Bow-legged ants,
I come before you, To stand behind you,
To tell you something, I know nothing about.

And so the circus begins in Union Square, San Francisco for this weeks JP Morgan Healthcare Conference.  Will the momentum from 2013, which carried the S&P Spider Biotech ETF to all time highs, carry on in 2014?  The Biotech ETF beat the S&P by better than 3 points.

As I noted in my previous post, Biotechs Galore - IPOs and More, biotechs were rushing to IPOs so that venture capitalists could unwind their holdings (funds are usually 5-7 years), as well as take advantage of the opportune moment...



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FeedTheBull - Top Stock market and Finance Sites



About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

Market Shadows >>