Consolidation at LQDA in range of their all time low after FDA issued the biotech company a CRL due to COVID restrictions. After speaking with regulators at the FDA, The company expressed this CRL had nothing to do with the underlying data. Options activity has been healthy. I believe price will increase from here, which is why I have started a position and continue to add on any meaningful dips (eg yesterday, the company issued PR for $200 mln mixed securities shelf offering) causing week hands to sell. Stop loss under previous low, friends. let’s go!!
Disclaimer: this is not recommendation to buy or sell, this information is to be used for educational purposes only. Trade at your own risk.