Diary of a Financier

Closed Trade: Short Acorda After Gap Down

In Capital Markets on Fri 21 Jan 2011 at 11:53
  • ACOR gaps down after EMA rejects drug.
  • My first support @ $25 has been left behind, closing short position +12% net.

This tidbit came across my Reuters this morning:

ACORDA THERAPEUTICS INC SAYS EMA COMMITTEE FOR MEDICINAL PRODUCTS FOR HUMAN USE DECIDED AGAINST APPROVAL OF FAMPYRA

7:05 AM (GMT-05:00) Eastern Time (US & Canada) Jan 21, 2011

Acorda (ACOR) immediately opened down 15% this morning–now down 17%+ on the day.

ACOR 10-minute intraday: Gap down this morning

I’m closing this short position, as I’m satisfied with a bit more than 12% net gains.  I was down as much as 15% at a point with this one, and I was near my stop limit of $32 too.

Saved by the bell? Deus ex machina?  God only knows.

–Romeo

Advertisements
  1. […] Closed: Q (+4.3%), NUAN (+26%), (ACOR) (+12%) […]

Comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s