Not saying that it couldn't, technically, but with the COVID vaccine fundamental data I would doubt it for this situation. Technically-speaking, though, I would normally agree.
BinSF
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Interesting. I'm sort of new to technical analysis, do you mind sharing what technical indicators suggest to you that the stock will drop down to $6? That would be really helpful to me. thanks!
Thomas_Brown
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@BinSF, I am not sure you have to look to far in terms of TA other than if you look at INO on a day or week timeline you'll notice it finds support from $2-6. The reason it *may fall to $6 is that has been its a recent strong support line. The reason its *likely to drop there has more to do with fundemental analysis. INO has a history of moon shooting on development news over the last 20 years, and then dropping back down. But this is true of many biotech companies, because developing treatments or vaccines for diseases is hard and rarely successful. I just made a mint shorting MRNA yesterday, and I think they have a decent shot at a vaccine and own some cheap shares. INO will likely take the same trajectory unless they show serious results soon, "traders" are a fickle bunch and investors are rare the higher the price goes. I personally will have to wait for a little more confirmation before throwing a put at INO, I believe they set a clock on themselves by saying they have had promising results in a animal study, scientists and traders will want to see the data. Just my opinion, best wishes.
BinSF
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@Thomas_Brown, Thanks for the reply. Makes sense as a lot of these biotech COVID19 plays are pump & dump. But some biotechs do HAVE real longterm value. I sort of like ARPO which shot up today. I don't know if it'll drop like the others but it seems worth far more than it's trading at so I'm holding for now. INO does feel a little overvalued however.