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Below is a list of today's twenty-five most distressed stocks (according to their Altman Z-Score or Z''-Score, respectively) with a share price of $5 or higher. For details on how this ranking list is compiled, please click here.
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HGSI - New short: HGSI
HGSI is up 1,120.66% over the last year. I shorted it today at $25.48. Here's why:
1) Bad recent news with its EU partner Novartis pulling its European application for HGSI's Hep C drug Joulferon, after negative regulator feedback over there: http://www.reuters.com...
2) More bad news with disappointing results in trials on its Lupus drug, Benlysta: http://www.reuters.com...
3) Altman Z-Score in distress zone.
4) Wider than expected loss on its Q1 announced this week (-26 cents versus Zachs consensus estimate of -20 cents): http://finance.yahoo.c...
5) Technically weak, with price moving below 50DMA: http://finance.yahoo.c...=
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Widened my stops overnight, after seeing the futures surge, but still got stopped out of this at $24.99 today, for a small gain. May short this again after the bounce.
Shorted this again today at $24.34.