Diamonds and Dogs
No sales, no earnings, no problem. Virgin Galactic (SPCE) jumped 23% today on 7 times normal volume ahead of a present at the Barclays Industrial Select Conference tomorrow. The Richard Branson's company, which promises to ferry tourists to the edge of space and back, is up about 200% year to date even though there are no sales and hence no profits yet. The company reports earnings next week. Should be a short report.
Bluebird Bio (BLUE) was blue today. The stock fell 8.67% after missing expectations for the fourth quarter as sales fell 47.9% to just $10 million. The company ended the year with $1.24 billion cash position, down from $1.89 billion at the prior year-end. Blue expects to treat its first commercial ZYNTEGLO patient in Germany in the first half of 2020. The company has also initiated its rolling BLA submission of LentiGlobin for ß-thalassemia in the US and is engaged in discussions about it with the FDA, including pertaining information regarding various release assays. Raymond James downgraded the stock.