Market Notes – 4/20/14

As promised in my previous entry, below are my market notes and thought process on my swing trade and option trade/hedge setups.

Quick market notes:

– Q1 Earnings season off to a weak start with GOOG IBM INTC JPM earnings not so impressive. Obviously we have lots more to come. I will be watching earnings on high-growth sectors especially Tech/Nasdaq as a tell tale on how we are doing on the fundamentals.

– Remember that Markets know that a lot of Dow names have much lower Wall Street expectations than many names on the Nasdaq thus it is important for Nasdaq names to perform. Also remember that many of the momentum names including many BioTechs are part of Nasdaq. Many of these names will be reporting earnings this week.

– The Fed monetary policy is like noise – an ongoing discussion which keeps see-sawing. There is a lot of fear the Fed “freebies” are coming to an end but behold, Yellen comes to the rescue with her half-hearted assurance to hold off the inevitable. Any “real news” on this front is something to keep an eye out for.

– Market seems to have calibrated the expectations on Ukraine, China issues for now.

– If Tech & other growth sectors earnings come in weak, then I expect the scenarios of NDX pulling down the SPX/SPY, DIA down hard with it to play out. I discussed the details on this scenario in March –> http://bit.ly/1lneQx9

– I am mostly long stocks but started small short on the market as a hedge. The short theory is based on key SPX 1870 level. 1870 is a key resistance for SPX which we are approaching but with weak volume on a holiday week. If 1870 gets rejected then I am looking short heavily below to 1810 level which will obviously be a disaster for the markets. The more likely scenario is that we go higher instead and break 1870 where I will close my short hedge & flip to mostly long with all-time record high of 1910 as my target.

– If we do get to record 1905-1910 levels, I will probably look to lighten up longs & start shorting/hedging markets again with 1910 acting as strong resistance. Obviously if we break through 1910, I will take off the short positions & re-evaluate the market conditions at that point.

– While SPX DIA trend are still intact, NDX broke the important channel trend-line on April 4th. Thus 3600 will be a important resistance test in my view. I like going long Nasdaq here but I will look to short some at 3600 level to see if we get a rejection but the risk reward for Nasdaq short hedge is not as attractive vs SPX DIA. Also fundamentals on stocks like IBM INTC vs GILD GOOG indicate better risk reward hedging using SPX DIA.

-The Nasdaq chart is what worries me the most so I will be closely watch it. Hopefully, we break 3600 level & I will probably go heavy long on Nasdaq/BioTech stocks again till next pivot 3715.

-Another chart I always watch is the VIX chart. The recent VIX action along with SPX DIA show that there is no “real” fear in the market. It simply paints the picture of fund managers rotating money from the growth/momentum names to safer valuation plays. Any durable spike in VIX would likely indicate “real fear” and requires special attention.

DISCLAIMER: The above is my opinion intended for informational purpose only and should not be used as professional financial advice. The above is not a recommendation to buy, sell, or short stocks or options. By reading the above text, you agree that any trades or investments you make are solely your responsibility. I cannot assure you that the above information is accurate. Trading stocks or options can be risky. Any profits, losses, or break even are solely your responsibility. Please consult a certified professional before buying or selling any such stocks or options.

Trading Plans – 4/16/14

I wrote this mostly for swing traders but there might be a point or two worth noting for long term investors as well.

As most of you who follow me on twitter already know, I primarily trade 3 strategies (1) Swing/Momentum short-term trading (2) #BottomPlay mid-to-long term trading (3) option day/short-term trading. Strategy #1 & Strategy #2 portfolio, which unfortunately is much bigger than Strategy #3 portfolio, took a big hit along with the $IBB. Although I have traded such volatile markets before, I was not disciplined & did not stick to my trade plan which resulted in significant losses. On the brighter side, there were some important lessons that I learned which I already discussed on Twitter/TwitLonger: Lessons Fortunately for me, the lessons were realized much earlier on which prevented me from further nose dives in stocks such as CNAT CEMP ARWR SGYP OREX PGNX and many others. In addition to cutting my losses, sticking with my trade plan helped me perform in my Strategy #2,#3 and created a mini turn-around in my portfolio in the past 2-3 weeks.

My goal of this post is not to lay out a specific strategy but to rather explain the importance of having a trade plan and where to start.

First & foremost, overall macro market fundamentals should be the most important part of your trade plan. Need less to say after this pullback, just being a sector expert and not paying attention to macros is the easiest way to get caught & become a prey during market corrections. I can guarantee you, BioTech hasn’t really seen the ugly face of a bear market (yes, 2008 crash was piece of cake, 2000-2002 close) mostly because it was too small of a sector. When crashes occur, they come quick and can clean you out if you are not paying attention regardless of how good your favorite BioTech company’s fundamentals are.

Secondly, understanding markets does not just amount to macro fundamental analysis; it is also important to understand the market technicals. To simply lay this out, ask yourself if any changes occurred in market fundamentals over the past month ? Did the Feds say or act upon anything new ? Any new information out there that we did not know in Jan/Feb when we were making those all-time highs ? Absolutely not. During this short period of time, many stocks on the Nasdaq – not just BioTech – took a beating including solid growth sectors such as Cloud Computing stocks. In fact, I would say the Enterprise Tech stocks fared far worse than BioTechs. Yes the $GILD pricing issues could have worsened the blow for BioTechs but never the less, many stocks on Nasdaq took a sudden beating on little changes in overall fundamentals. This is exactly where technical analysis becomes such an important tool for traders. When things don’t look right, it provides a disciplined reason for you to get out of the way. On the other hand, without understanding the fed’s QE pump, you would be in a big hole trying to short the markets in 2013 based on pure textbook technical analysis. IMO, having a mix of both fundamentals & technicals in your trade plan gives you a big edge. To me, fundamentals set the overall market tone & technicals are your guide to “when & what”.

Coming from an extensive “algo” development background, I can tell you, whether it is an automated HFT or a non-automated system, algos play an important role in decision making for funds. These algos can be as simple as a bunch of stop loss triggers or complicated enough to be tuned to react to macro fundamentals such as changes in interest rates, jobs numbers or technical indicators such as Support/Resistance pivots. IMHO, I believe our “trading” brains need to be trained to think alike – quantitatively, qualitatively, and technically. Build & write down your own trade plan that clearly defines your view of the macro fundamentals, sector fundamentals, company fundamentals, technical indicators all applied with respect to your portfolio’s size, risk sensitivity, targets etc. It doesn’t have to be a computer program. It can be on a simply piece of paper. Most importantly – research, have a plan, stick to your plan, make changes when needed, and take the emotions & ego out of the game just like the algos.

 

P.S. I will post my thoughts on the markets in a separate post. Although we look primed to make a bull run here again & possibly touch new highs, I believe the run will be short lived followed by a lot of choppy trading in to summer.

 

DISCLAIMER: The above is my opinion intended for informational purpose only and should not be used as professional financial advice. The above is not a recommendation to buy, sell, or short stocks or options. By reading the above text, you agree that any trades or investments you make are solely your responsibility. I cannot assure you that the above information is accurate. Trading stocks or options can be risky. Any profits, losses, or break even are solely your responsibility. Please consult a certified professional before buying or selling any such stocks or options.

$IDRA Update & Oncology – 4/2/2014

Already written a bunch on twitter so I’m not going to repeat all of it here again. Here is a quick summary before we discuss the oncology prospects:

Summary of important points to note:

  • Idera did meet their primary endpoint which was safety & I think this is a great sign for Idera’s drugs going forward.
  • Idera also stated that they met the secondary endpoint. I agree with the bears that dosage needs clarification but doesn’t mean there was no clinical activity. I also explain below why this POC wasn’t focused on strong clinical activity for Psoriasis.
  • Idera & mgmt has already guided that Psoriasis is not the primary focus for Idera. The goal of this trial was to test safety of their TLR antagonist tech & see if it is safe for larger trials in scores of other autoimmune & oncology indications & see if their is any activity in autoimmune diseases such as Psoriasis. Read why I think comparison of efficacy w/ other Psoriasis drugs is the wrong bear thesis & why even small PASI50/75 improvement is a big deal & what it could mean for other autoimmune indications –> http://bit.ly/1lt5zn8
  • Idera will be presenting preclinical B-cell lymphomas data/thesis at AACR on April 7th.

I truly believe Baker Brothers & many other stakeholders are not in it for Psoriasis. That would be a terrible reason to invest or be bearish on Idera. Judging the company & their technology based on Psoriasis PASI data IMO is a short-sighted bear thesis. I believe Idera’s TLR drugs has the potential in scores of challenging unmet autoimmune diseases including but not limited to Polymyositism dermatomyositis, Sjögren’s syndrome, graft versus host disease. A low PASI score in Psoriasis does not automatically mean it will have no clinical activity in these autoimmune indications.

Last but not least, another reason why I’m bullish on Idera is because I believe it has a huge potential in Oncology not just in DLBCL. I highly encourage everyone to do some research on VentiRx’s VTX-2337 which is partnered with Celgene. VentiRx, unfortunately, is privately held so getting detailed information is difficult. You can get a brief glimpse of some exciting clinical trials VentiRx is running —> http://1.usa.gov/1lobaZs

VentiRx has raised $29 million in venture capital from Arch Venture Partners, Frazier Healthcare Ventures, and Domain Associates. And more important, Celgene has shown interest in VTX-2337 & poured in more than $35M in to the development of this drug with a buyout option. VTX-2337, which was licensed from $ARRY, is a TLR8 agonist. VentiRx announced encouraging signs of anti-tumor activity. They have also reported encouraging data combining Chemotherapy Plus Cetuximab ($LLY) With VTX-2337.

Quoting a paragraph directly from Xconomy.com article written in 2012 Source: http://bit.ly/QGIBME:

  Based on those early results, Celgene and VentiRx are forging ahead with the kind of long-term, expensive clinical trials that will be needed to prove the value of the product to physicians, regulators, and insurers. VentiRx plans to start one mid-stage trial of about 210 patients with ovarian cancer who will be randomly assigned to get Doxil or Doxil and VTX-2337, Hershberg says. After that, VentiRx will start another mid-stage trial that will randomly assign about 150 patients with head and neck cancer to get VTX-2337 plus a chemo agent and cetuximab, or the chemo and cetuximab alone. VentiRx will retain control over the development program, although a joint steering committee of Celgene and VentiRx executives will oversee the work, Hershberg says.

In Feb, company announced encouraging data for ongoing Randomized Phase 2 Study in Recurrent or Metastatic Head and Neck Cancer (http://prn.to/1jCmrp4)

Additionally, there are other companies like $DVAX which are also working on TLR-signaling (partnered with $AZN, $GSK) which validates the interest in TLR-signaling.

In addition to TLR8, I encourage everyone to read up on TLR7 & its role in tumor cells (start here for an intro video http://bit.ly/1k0uHC4) as well as TLR9. Idera’s oncology prospects are yet another reason why bear arguments on Psoriasis PASI data is short-sighted. This is also another reason why safety data is so important.

 

DISCLOSURE: Long IDRA.

DISCLAIMER: The above is my opinion intended for informational purpose only and should not be used as professional financial advice. The above is not a recommendation to buy, sell, or short stocks or options. By reading the above text, you agree that any trades or investments you make are solely your responsibility. I cannot assure you that the above information is accurate. Trading stocks or options can be risky. Any profits, losses, or break even are solely your responsibility. Please consult a certified professional before buying or selling any such stocks or options.

NBY on watch in to Viral Conjunctivitis data by mid-2014 – 3/19/2014

NBY announced an offering today after hours. This is a stock I have been watching to enter if we get a decent opportunity. Firstly, want to make it clear that I am not interested in NovaBay as a short or long term investment. I am also not interested in NBY as a hold through catalyst trade either. I am more interested a potential swing in to important viral conjunctivitis (VC) data by mid 2014 on any weakness.

We have already seen NVC-422 crash in Impetigo Ph2B last year. Offering at these levels doesn’t help instill much confidence either IMHO. More important, NVC-422 missed in previous PH2 for viral conjunctivitis(VC) . But NBY announced that they found evidence of benefits in a subpopulation (EKC). This is the data which is due by mid 2014.

I wouldn’t completely rule out NVC-422 for upcoming viral conjunctivitis PH2B data. They might be on to something with the EKC subpopulation. Moreover, partner Galderma’s intention to continue NVC-422 in Impetigo despite failure hinting formulation related issues is somewhat a positive sign for NVC-422 although this doesn’t necessarily carry over for VC.

I generally try to avoid holding thru subpopulation trials (except ANTH maybe) esp when options are not listed. The trial is a large trial with 450 EKC patients so it will certainly not be easy for NBY to crack. However, given the current valuation,  6M VC patients with little to no competition, would certainly lead to a significant increase in share price if results are +ve. This should likely create a lot of interest in NBY shares especially if management gives us clear timelines on data.

DISCLOSURE: No position in NBY.

DISCLAIMER: The above is my opinion intended for informational purpose only and should not be used as professional financial advice. The above is not a recommendation to buy, sell, or short stocks or options. By reading the above text, you agree that any trades or investments you make are solely your responsibility. I cannot assure you that the above information is accurate. Trading stocks or options can be risky. Any profits, losses, or break even are solely your responsibility. Please consult a certified professional before buying or selling any such stocks or options.

$IDRA – Quick note before IMO-8400 Psoriasis results this month – 3/14/2014

Wanted to put out a quick note on IDRA. I finally entered a position today ($5.5 avg) in to IMO-8400 Psoriasis Phase 2 results which will likely be out this month (3/14/2014). The trial is a randomized, double-blind, placebo-controlled Phase 2 trial of IMO-8400 in patients with psoriasis to evaluate PASI score improvement over a 12-week treatment period at three dose levels. PASI or Psoriasis Area and Severity Index is the most widely used tool for the measurement of severity of psoriasis.

I am currently planning on holding the small sized position through the results. Of course, this is a very important trial for Idera & a failure in this trial can lead to a big decline in the stock price. This is why I am planning on holding a smaller position – money I am willing to lose.

In my opinion, there is a higher probability that IDRA will report positive results. I say this because I believe IDRA team already knows or rather has a good idea that IMO-8400 will show PASI benefits. This is because back in 2012 they conducted a Phase 2 Trial of IMO-3100 in Patients with Moderate-to-Severe Plaque Psoriasis.

In the IMO-3100 trial, their primary endpoint was change in epidermal thickness which they actually missed. However, 12/25 patients demonstrated improvements in Psoriasis Area Severity Index (PASI) scores of 35% to 90% from baseline at end of 4-weeks. None of the 12 placebo-treated patients had improvement in this range. The reduction in PASI was actually a secondary endpoint in this trial.

IMO-3100 is a TLR7 and TLR9 antagonist. IMO-8400 is a TLR7, TLR8, and TLR9 antagonist. IMO-3100 study in 2012 provided the much needed support of TLR antagonism for psoriasis. IMO, IDRA also got deeper insights in to dosing & safety. With all this information from IMO-3100 POC, IDRA turned IMO-8400 in to their primary drug & started Psoriasis trial with PASI as the primary endpoint, sidetracking the originally planned Lupus trials (http://www.ncbi.nlm.nih.gov/pubmed/24083389).

Another interesting fact to note is the involvement of Baker Brothers. They are not only involved financially but recently Julian Baker was appointed to IDRA’s board. Similar to LJPC, it is important to study the trial design which I believe Baker Brothers do extensively before getting involved.

The idea of targeting TLRs through DNA & RNA based drugs to modulate immune responses is definitely interesting and I am currently bullish on IDRA’s prospects. This story is not just about Psoriasis; it is much more incl other Autoimmune diseases and B-cell Lymphoma. However, it is important to note the significant risks involved because the company depends on this technology. IMO-2055, a TLR9 antagonist failed in NSCLC & a failure in autoimmune diseases such as Psoriasis can lead to significant loss in investor confidence in this technology.

Note: IDRA is also involved in another exciting area – Gene Silencing Oligonucleotides but this program is still young and will carry small value in to the IMO-8400 trial.

DISCLOSURE: Long IDRA.

DISCLAIMER: The above is my opinion intended for informational purpose only and should not be used as professional financial advice. The above is not a recommendation to buy, sell, or short stocks or options. By reading the above text, you agree that any trades or investments you make are solely your responsibility. I cannot assure you that the above information is accurate. Trading stocks or options can be risky. Any profits, losses, or break even are solely your responsibility. Please consult a certified professional before buying or selling any such stocks or options.

ECYT – Important upcoming catalysts to watch – March 13, 2014

Just tweeted a bunch of tweets on ECYT. Thought to myself, this is probably a great opportunity to update my blog instead of tweeting a bunch of tweets in a thread !

ECYT – $ECYT is back in to focus next week w/ 3 important catalysts coming up:

1) Vintafolide conditional EMA approval in folate receptor 100% (FR100) Ovarian cancer. The decision will mostly boil down to whether EMA will want to wait for PROCEED before giving an approval.

2) TARGET Phase 2 data in NSCLC in March. The company has to show that the combination therapy works unlike the vintafolide monotherapy.

3) PROCEED Phase 3 “futility” analysis in Q2. We should be looking for +ve PFS data which would lead to increase in the power, adding 100 more patients to the study or a halt. Obviously this is an important catalyst which also means the FDA can finally approve vintafolide for FR100. EMA rejection can add more weight to this event.

With so many catalysts packed together, I don’t plan on trading this yet. However, if CHMP is -ve and stock takes a dip, I will look to enter either an options long position or some shares in to TARGET. If both CHMP & TARGET are -ve, I will definitely be adding long in to PROCEED futility analysis which IMO is likely to get a nod to expand to 100 more patients. In this case, I will be looking for a over-reaction proceeded by a bounce as many investors buy for PROCEED. Obviously, I hope to sell the bounce since PROCEED data is far away.

I’m not implying both the catalysts (1 & 2) will be -ve but if you are bearish on both EMA & TARGET, it might not be a bad idea to purchase the $7 puts because the stock will likely break below 52-week lows if both events -ve.

Note: I will tweet details on NAVB CHMP instead of blogging since it is much more simpler than ECYT w/ lot higher chances of +ve decision. You can search this blog for intro on NAVB I wrote last year.

DISCLOSURE: No position in ECYT.

DISCLAIMER: The above is my opinion intended for informational purpose only and should not be used as professional financial advice. The above is not a recommendation to buy, sell, or short stocks or options. By reading the above text, you agree that any trades or investments you make are solely your responsibility. I cannot assure you that the above information is accurate. Trading stocks or options can be risky. Any profits, losses, or break even are solely your responsibility. Please consult a certified professional before buying or selling any such stocks or options.

$CRIS Bounce Play – 1/3/2014

As I have tweeted in the past three weeks, I have been adding to my Curis position post-ASH. I have been watching this stock for a while but waited till CUDC-907 data at ASH. I hold a mid-sized position at an average of $2.6 Wanted to share with you all why I think this could be a good candidate for a short-term bounce trade.

Briefly, CRIS has one FDA approved product Erivedge (vismodegib) for advanced basal cell carcinoma (aBCC) in collaboration with Genentech. Curis receives about 5-10% royalty from Genentech on the sales. The product launched in early 2012 and has been trending well. Complete 2013 numbers are not out yet but has already crossed an impressively quick $50M+. In 2012, it was top 10 best selling drug that was launched in 2012 with $30M. Obviously the uptake is high and it is estimated to reach $350M annual peak sales for just aBCC indication.

IMO, Erivedge is the base case for the CRIS bounce trade. As stated above, Erivedge currently is only approved only for advanced basal cell carcinoma (aBCC) but is currently working on getting approval for less severe forms of BCC under collaboration with Genentech and NCI. aBCC is rare with small population so a label expansion beyond aBCC can mean much higher peak sales for Erivedge. Genentech recently completed a Phase II clinical trial of Erivedge in patients with operable nodular BCC, which is a less severe form of the disease and accounts for a significant fraction of the approximately 2-3 million BCC cases diagnosed annually in the U.S. Erivedge can potentially be a safe and cost effective alternative to surgical procedure. If Curis and Genentech manage to expand Erivedge label, this can provide a big upside to the stock.  We should get the data in Q1 14 and it is important to watch this catalyst that could trigger a bounce.

Moreover, Genentech and Curis also announced trials in the AML/MDS indication. Ali Fattaey, Ph.D., Curis’ President and Chief Operating Officer claims: “We believe that inhibition of Hedgehog pathway signaling by Erivedge has the potential to provide benefit for patients with AML and MDS. Specifically, unlike basal cell carcinomas that are driven by mutations in the Hedgehog pathway, AML and MDS represent cancers where ligand-dependent abnormal signaling within this pathway is associated with the disease.” This trial is still in it’s early stages Ph 1B/2 but any success here will add significant value to CRIS.

Just looking at what is ahead for Erivedge in aBCC and beyond, I believe CRIS is already undervalued here at $250M market cap with potential $50M in milestone payments pending and 5-10% royalty on sales. Thus, Erivedge provides a base for CRIS which is great since rest of CRIS’s pipeline is highly speculative.

Bounce potential

Besides Erivedge, Curis is testing proprietary, clinical-stage small molecules for various cancers, including an oral antagonist of inhibitor of apoptosis (IAP) proteins, CUDC-427, and a dual phosphoinositide 3-kinase (PI3K) and histone deacetylase (HDAC) inhibitor, CUDC-907. The company also has an EGFR/Her2 and HDAC inhibitor, CUDC-101, in preclinical development.

Firstly, CUDC-907 is an early stage PI3K/HDAC inhibitor drug. Early data was presented at ASH which wasn’t as exciting as many investors had hoped causing weakness in the stock (and possibly a great buying opportunity). They presented data in only 13 patients with 7 patients at 30mg QD, and 3 patients at 60mg QD and 3 at BW. There was 1 PR and 7 with stable disease. The safety data was good (BiWeekly/BW showed better tolerability) and CRIS will continue to play around with dose escalations in 2014. CRIS is planning to escalate dosing up till 180mg so there is still a lot of mystery yet to be unlocked. Obviously CUDC-907 is too early to make any meaningful predictions and I don’t believe this drug will contribute much to a stock rebound in 2014 but there is a a big potential in CUDC-907 beyond 2014 but CRIS has tons to prove. Note that there is a slight chance CRIS might have something on 907 to show at ASCO but wouldn’t bet on it.

Secondly, Debio 0932 is an oral small molecule inhibitor of Heat Shock Protein 90 (HSP90) that is being developed by Curis’ licensee Debiopharm and is currently the subject of an ongoing Phase I/II clinical study in patients with advanced lung cancer. Debio 0932 is also in its early stages with data not expected till next year so I’m going to exclude this along with CUDC-907 as a potential contributor to a stock rebound in 2014.

Last but not least, CUDC-427 (along with Erivedge) can potentially contribute to a significant rebound in CRIS shares in the short-term. Briefly, CUDC-427 is an orally bioavailable small molecule that is designed to promote cancer cell death by antagonizing IAP proteins. CUDC-427 was licensed from Genentech but Curis has the sole right and responsibility for all research, development, manufacturing and commercialization activities related to CUDC-427. At ASCO 2013, results from old Genentech 42 patient open-label study was presented which showed encouraging single-agent activity and safety data. Data was also presented at ASH. CUDC-427 has the potential to be best in class IAP antagonist with broad applicability to various forms of genetically defined cancer especially for patients for whom Chemotherapy no longer works. What differentiated CUDC-427 is that it is potential to target broader range of IAPs than other IAP antagonist drugs.

The market potential for CUDC-427 is huge but bad news struck CRIS in Nov of last year when FDA put CUDC-427 open-label Phase I study on partial hold due to a death of a patient who progressed to liver failure approximately one month following the discontinuation of CUDC-427 dosing. The study was being conducted on patients with advanced and refractory solid tumors or lymphomas. The study was designed to determine the maximum tolerated dose (MTD) and recommended single-agent phase 2 dose of CUDC-427 using a continuous, twice-daily treatment schedule. As per the partial hold, no new patients can be enrolled in this trial till additional data and analysis on patients treated is submitted along with a proposed protocol amendment. Obviously, CRIS shares took a beating on this news.

IMO, there is a good chance that FDA might remove the partial hold once CRIS submits the safety analysis data as well as potential protocol adjustment. The breast cancer patient who died experienced AST and ALT liver enzyme elevation that did not resolve after CUDC-427 discontinuation. After CUDC-427 discontinuation, the patient’s liver enzyme level continued to rise along with rise in bilirubin levels which lead to liver failure. This was not observed in other patients. There is a good chance that this did not occur because of CUDC-427. CRIS was supposed to submit this analysis in 2013 YE. IMO, it is likely that CRIS will manage to provide evidence that this failure did not occur due to CUDC-427 and maybe propose a dosing change which will likely convince the FDA to remove the partial hold. This can be a significant catalyst given the immense potential CUDC-427 has. Assuming CRIS executes this on time, we will get an update from FDA in the 1H of 2014. If the hold is removed, CRIS shares might fill the gap back up to the $4 level providing us a significant bounce-trade opportunity.

Conclusion

As stated above, Erivedge provides a base base for CRIS with growing sales and many exciting developments in early 2014 including label expansion data. Secondly, we might get some more additional insights on CUDC-907 at ASCO which might instill confidence into investors and contribute to a bounce. Lastly, I anticipate news on CUDC-427 clinical hold in early 2014 with high chance of hold removal which can lead to a significant increase in the stock price given the current valuation gives little respect to CUDC-907 and CUDC-427

DISCLOSURE: Long $CRIS

DISCLAIMER: The above is my opinion intended for informational purpose only and should not be used as professional financial advice. The above is not a recommendation to buy, sell, or short stocks or options. By reading the above text, you agree that any trades or investments you make are solely your responsibility. I cannot assure you that the above information is accurate. Trading stocks or options can be risky. Any profits, losses, or break even are solely your responsibility. Please consult a certified professional before buying or selling any such stocks or options.