ODTMy new big pick is Odonate Therapeutics Inc (NASDAQ: ODT). The stock made an awesome move yesterday breaking out of a major resistance line with volume backed confirmation. I went long at $3.85 as it's quite possible we should see a short term move near $4.97/share. The technical chart shows a bullish sign with %K line on top of %D line and MACD rising. Yesterday’s action in the share price leads me to believe that we may see a reversal trend at this level. To sustain this point of view, stock needs to sustain actual level in the days to come, so stay tuned to her. Mega Gap to fill here.
Odonatetherapeutics
ODT Odonate Therapeutics all time low! Buy oportunity?Following feedback from the U.S. Food and Drug Administration (FDA) in a pre-New Drug Application meeting, Odonate Therapeutics, Inc. (NASDAQ: ODT) has concluded that the clinical data package for tesetaxel is unlikely to support FDA approval. Therefore, Odonate is discontinuing the development of tesetaxel and will wind down the operations of the Company.
As of December 31, 2020, Odonate had $157.3 million in cash, compared to $180.5 million as of December 31, 2019. (businesswire.com)
ODT Odonate Therapeutics MARKET CAP 147.784M
That`s less than its cash balance!
The indicators showed a sell signal just before the selloff.
I know it`s a speculative buy, buy it worth the risk?
What is your opinion?
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