I had several traders ask me today, “When did you get into DNDN and why?” So I thought I’d do some trade analysis.
First of all, I’ve traded DNDN off and on for 2 years and here are some of the highlights. It was 2 years ago this month when Dendreon had a similar announcement that made it pop just like today and retreat, just like today. I missed that one, but bought in the next day about $14 and held it for a week until it got to just shy of $20 and got out with a nice profit.
About a month later, it got a notice from the FDA that it needed more information and DNDN dropped like a rock. It wasn’t until October 2007 that I tried again, buying in at about $8 and it went down from there….and I held on as it went down. It never approached the 8 dollar range again until October of the next year. Another announcement and another pop. DNDN popped to $10 and I sold half of my position at about $9….again holding half thinking this was going to go….but it didn’t 
Down it went again. I bought in (yes I doubled-down) at the $4 level, which held for several months. And again it started down. You know of course if I had had stops in I would be out of this long ago….but it was getting personal. I had a love-hate relationship with DNDN. (I think I recall something about trading and emotions) I bought in some more at the $2.60 level and had a cost average of about $3.60 for my DNDN holdings.
It then began its trek up into today. I was very enthusiastic when price crossed up through the 8ema. I got absolutely giddy when the 8ema crossed up through the 34ema. I sold a quarter of my position at about $5 and another quarter at $7, which was yesterday. And then afterhours they halted trading. Oh my god! Not again!
There was nothing I could do now. I actually had a restless night, but hoping for the best.
This morning, I got to my desk and was looking for news. I knew DNDN had scheduled a 9AM conference, but was hoping for news. And it came at 8:30…..
PROVENGE Significantly Prolongs Survival in Men With Advanced Prostate Cancer in Pivotal Phase 3 IMPACT Study
Ahhhhhhh…good news 
But still halted. I didn’t want to miss this. I figured…what would I be happy with? Okay 3.6 times 5 equals 18 dollars. So I put in a limit sell order for $18.01 and waited for DNDN to open for trading. About 5 minutes later, my computer said “Order filled” and I thought “GREAT!” And then I looked at my order and it got filled at $19.20….wow!
No, I didn’t get the top, but I got a great rate of return and glad to have DNDN off my screen after 2 years. And that’s all there is. I’m a happy trader tonight 
We found support just shy of the halfway point of last Tuesday’s big candles. 
