Sold Optimer Pharmaceuticals, Inc.
I sold my position in Optimer Pharmaceuticals, Inc. (Ticker: OPTR) today at $13.08 generating a net loss of 11.76%. Once a position falls ~ 10%, I will start to cut my losses. It was a relatively small position at ~ 3%. A deal may materialize, but it is taking awhile. I’ll still keep a close eye on Optimer Pharmaceuticals.
posted by Money Turtle @ 6:27 PM
2 comments
2 Comments:
MT,
I don't blame you for selling based on the stock price action. I am still hanging in there. I actually sought an option partner by selling deep in the money calls in JAN when the price starting going down regularly.
It almost appeared there was a concerted effort to sell off the stock gradually to take out any stops below down to a certain level. Was it just a few large players? Was it due to month end? quarter end? Was it the Russell 1000, 2000 index re-balancing? Who knows. For some strange reason on Wed mid day OPTR started to turn up. I don't think it was because they had news there was some coming. I think that some shorts hit their price target and just might be moving on. We will see.
Regards,
inforesource7
MT,
FYI, OPTR popped on news leaks today stating the following:
source: theflyonthewall "Optimer narrows list of potential buyers, Bloomberg reports"
There is no other news to be found at this time, but a few message board sources indicate the news originated from a bloomberg terminal (subscription based at $25,000/yr). Usually after time has passed the bloomberg terminal news makes it way to the public. I suspect theflyonthewall subscribes to the bloomberg terminal, otherwise how else would they know.
The other information I have learned was "OPTR said to narrow suits to Cubist, Astellas, and Salix" and "Bloomberg reporting final bids in $22 range; two bidders left."
Due to the July 4th holiday and everyone looking to go play I don't know when any news will be made public. If you have any sources please share.
Salix as a bidder is new and looking at their profile looks like they might be a good fit. They have the cash and reserve stock to make a purchase. The $22.00 range is higher than expected.
Regards,
inforesource7
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