losing 29 % of it's market value, in one single trading day.
It happened today to Biogen , the biotec stock darling,
when the company withdrew further reasearch on it's highly touted Alzheimer's drug,
that was it's main drug in it's reserach and develpoment pipeline.
Line Break/ Chart shows the stock plunging thru all chart support in a single day
executing on a Head and Shoulder's Pattern that had been building for months.
As I have often said, the stock market is a much more risky place than most would even imagine.
In Biogen today, big money, and I mean big money, simply did not see this coming.
BIIG Last 226.88
Yes. Completely understood.
But this news happened overnight.
BIIG Closed yesterday at 320.Opened NYSE trading at 230 Down 90 from the previous close.
You do the math. How much money actually did exit the stock overnight ?
Ok. I understand the point you are making. Well taken.
However, I will stand by my underlying premise that the stock
is worth billions of dollars less today, than it was 48 hours ago.