No. of Recommendations: 1
Hi everyone,

This was just published, explaining why I'm closing this (losing) position. http://www.fool.com/investing/general/2013/08/19/why-im-sell...

I have 58 shares at an average price just below $10.10 ($585.66 total) that are now worth $184.44 as of last night's close, for a 68.5% loss. If I thought Provenge sales could pick up strongly and if the company had a stronger balance sheet, I'd keep the shares, but even if Provenge sales do pick up, the company's operating under the weight of a poor and deteriorating balance sheet. Too much room for downside there for me to be comfortable remaining in the position.

Personally, I am long a few Jan 2014 $10 calls on the company which will almost certainly expire for a complete loss. Tax write off, at least, but not my finest hour.

Cheers,
Jim
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.