Diamonds and Dogs
04/16/2012Apple Inc. (AAPL)
The Apple is rotten today down 3.39% at $584.72. Apple has been having a stellar year up roughly 47% year to date, with very few down days. So to see Apple down over $20 is quite surprising to many, especially considering over the past five days Apple has tanked 50 points. Because Apple has grown so much this year it is quite possible Apple is ripe for the picking, meaning people are taking their profits. Along with that, BTIG analyst Walter Piecyk downgraded Apple from Buy to Neutral, and Wedge Partners analyst Brian Blair stated that sales forecasts for the new iPad may now be too bullish. This Apple fell far from the tree and rolled down hill.
Endocyte Inc. (ECYT)
Endocyte should change its name to Endoright because it has doubled today, up 101.58% at $7.66. The company's shares exploded today due to a deal with Merck & Co. regarding a cancer drug. In this deal Endocyte will receive $120 million cash up front, and up to $880 million depending on what milestones are reached. The $120 million up front nearly doubles the amount of cash and cash equivalents held by Endocyte. Endocyte has three drugs in development, so the added cash will clearly give them the ability to further their research on these drugs. One important drug for the company is the cancer drug, Vintafolide, which Merck was highly interested in. Furthermore, Cowen & Co. analyst Simos Simeonidis stated that this deal could be setting up an acquisition for Merck & Co.
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