BST Position Update – June 11, 2015

| June 11, 2015

BST Position Update

. . . . Progenics Pharmaceuticals (NASDAQ: $PGNX) – Hold

Progenics lead drug, Relistor, recently received approval from the European Commission to treat opioid-induced constipation (OIC) in all adult patients when response to laxative therapy has not been sufficient.  They also received an additional year of marketing protection.

The news seems to have triggered a breakout in the stock.  It shot up to a high of $6.86 and is currently sitting at $6.24 per share.  That’s above my $6.00 buy up to price.

Move PGNX to a Hold.

. . . . Lpath (NASDAQ: $LPTN) – Sell

The bad news for Lpath kept getting worse.  They’ve had two failed clinical trials in the past few months.

The company and the stock has taken a major hit.

The company is trying to regroup.  And we’re cutting this stock loose to recoup some capital.

Sell LPTN now.

. . . . Cyclacel Pharmaceuticals (NASDAQ: $CYCC) – Sell

CYCC noted that the Phase 3 Seamless trial for Sapacitabine was likely to fail at the end of 2014.  The stock dropped from $3.00 to 70 cents per share overnight.

The stock hasn’t recovered since then.  And their current pipeline of drugs doesn’t offer a compelling reason to stay in the stock.

Sell CYCC.

. . . . Acasti Pharma (NASDAQ: $ACST) – Sell

Acasti has continued to spin the trial results in a positive light.  But the stock has continued to fall lower and lower.

Now the company is struggling to replace their CEO that recently departed.  This is now a rudderless ship without strong management.  We’re not sticking around any longer to see how things turn out for this biotech stock.

Sell ACST.

Action To Take

  • Move PGNX to Hold.
  • Sell LPTH.
  • Sell CYCC.
  • Sell ACST.

Category: BST Update

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