So much for coming in this morning with load of cash on hand. I’m just thankful that there is no “surprise” news on $AMRN that I’ll be deprived of a reasonable re-entry from zero position. As luck will have it, I only have to pay a small premium to buy back my core position plus more for swing trade.
Take a look at the daily chart below:
I like the fact that price action has taken out the high of July 2013 at $6.20. On top of that, price action also took out the 79sma as well as the 89xma. If price action can maintain momentum, we may have a rally toward the October FDA Advisory Committee meeting that most investors (myself included) are expecting a slam-dunk “clear ahead” for the December FDA decision on approving Vascepa for the mid-trig (200-500) population. Of course, you also have Adam Feuerstein who holds the opposite opinion of $AMRN getting a nod from the FDA. Who do you believe?
Don’t believe anyone; but believe only on your own research. Read up on the FDA approval process if you are not familiar with it. You will find that it takes a very long and expensive road for any company to get a prescription drug approved by the FDA. $AMRN has come a long-way and it is now knocking on the door of FDA for the mid-trig (200-500) level. Have you seen any other competitors offering the same thing? Even if there are, they are still a long way before knocking on FDA door. Recent purchase of Omthera by AstraZeneca ($AZN) is an example.
Yes, I’ve been on the wrong side of the track for quite a while with $AMRN but I believe the road is now heading on the right direction. Nevertheless, at this point, I’m watching $AMRN as an intermediate-term trader instead of a die-hard buy and hold investor. In other words, I’m not married to the stock so to speak.
My 2 cents.
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Great post; I am also long $AMRN. bag holding a bit, but love how its finally turning around here.
Thanks Harper, as long as the weekly script numbers keeping on going up, more and more believers will come on board to drive the price up.
Good luck!