Friday, February 27, 2009

A Few Trades For The Day

I picked up some Aladin Knowledge Systems (Ticker: ALDN) @ $9.88 and sold later in the day for $10.44 generating a 5.66% gain. This company is being acquired by Vector Capital for $11.50 in cash. Initially, I was going to hang on to this as an arb play, but based on some potential anti trust delays, I decided to take the profit and move on. There’s no point in trying to be greedy in this market environment.

I also did a quick trade in CV Therapeutics (Ticker: CVTX). This company is in the process of fighting a hostile take over attempt by the Japanese pharmaceutical company, Astellas. I picked up some shares yesterday at $15.88 and sold this morning at $16.19, generating a 1.95% return. I don’t want to be involved in this fight.

Forsys Metals Corp. (Ticker: FOSYF.PK) received shareholder approval today. The company is being acquired by George Forrest International Afrique for $7.00 Canadian. The company issued a preliminary closing date of March 12th.

Finally, I nibbled at some Genzyme Corp. (Ticker: GENZ) today at $62.06. The EU approval of the 4000L bioreactor for the production of Myozyme is a big big deal and the market basically ignored the news focusing instead on Obama's healthcare plan. The PDUFA date for the US approval of the 2000L bioreactor for Myozyme (Lumizyme) is February 28th. The company should hear shortly from the FDA, but they've been missing the PDUFA dates recently. This sell off in the biotech’s way overdone.


Post a Comment

<< Home