Ionis Pharmaceuticals Inc (NASDAQ:IONS) shares are trading lower by $4.40 (8.7 percent) at $41.40 in Friday's session. The stock, which ended last week at $54.70, is now trading in the lower $40.00 handle.
The rout began Monday when a trial for Volanesorsen had mixed results. Although the study did meet its primary endpoint, five patients in the study had to discontinue due to injections site reactions.
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That news instigated a $4.52 decline on Monday ($54.70 to $50.18), which was followed by a $3.67 decline on Tuesday. After a modest gain Wednesday and modest decline Thursday, a Goldman Sachs downgrade from Neutral to Sell has inflicted more misery on the investors long the issue.
After a much lower open, Ionis stock managed a brief rally to $43.00 before continuing its descent lower. So far, the ensuing decline has taken it to $40.76 and is attempting to rebound.
If the decline continues, there may be additional support at the pair of lows from January 30 ($40.47) and January 31 ($40.61).
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.