Bought CEGE

[MrBad]

I bought into this biotech company last week. It is now trading around 0.10 a share after it announced termination of Phase III trials on Oct. 16th. The stock, according to its assets and current cash position is well over 50% undervalued (100% gain potential) as the downside appears to have hit bottom.

What I found to be interesting was that on Friday after market closed, they annoucned the removal of 26million in debt at a 60% discount..... This saved them over 15Million in cash.... Ironically that is more than their current market cap. They still have a significant cash position over 100million.

The future of the company is yet to be determined as their main product was haulted in PIII trials, but there are ongoing trials being conducted through other collaborators. I personally feel the crisis market conditions have contributed to the current share price. Liquidation of all their asstes leaves them with at about 0.37 cents a share... so it seems a safe bet at the current share price. We shall see.

Good Luck to you all.

[MrBad]

The stock hopped up almost 100% from its 52 week low set last week.....

or as I look at it.. it moved up 0.09 a share.

I still think its undervalued. I've not sold my position yet. I still have a good feeling about this one. The Jan 2010 calls are still trading - We'll see.

[MrBad]

I took profits on Friday. I still think the stock may continue to run into earnings on the 6th and maybe breakout if the news is good. However, I felt I made out fairly well and there was no use for prolonging the risk. I may consider buying back in if the current trend gets bucked. I think it might have a nice spike at close before earnings release. We'll see. GLTA

[MrBad]

More profits here. Wow. Nice day for CEGE today. I'm out. They may or may not get bought out or merge. I watched the share price closely for the last few weeks. There was a whole lot of covering and averaging down. The MM allowed for covering at the low price to allow for folks to average down at the low price - while some folks that should not have sold - sold.

Its a gamble coming out of earnings. Anything could happen. If I had nothing to lose I would hold through it.... but I have profits so I do not.

Good Luck to all.

[a11acer]

This stock did well for me too. I got about 48%.

[MrBad]

Its a good thing when it works out like that. Its not easy to pick them these days. you have to pick them at the right time and get out at the right time.

[a11acer]

Yeah, that is why I got in at about .25 and sold about .37

I don't try to win big, but in this case it got big before I knew it.

[docscene]

I watched from the sidelines. Nice pick.