Cadence Pharmaceuticals Inc. (CADX) makes drugs for use in hospital settings. It is developing the painkiller Acetevance, which is an injectable form of acetaminphen. The FDA decision date for Acetevance is November 13th.
I took a trading position in CADX, buying the shares for $9.91. Shares are near support from September 2008, May and August 2009 and near the lower trendline. This is a trading position only. I'm not looking to hold this position into the decision in November. A stop just below support is in place.
Update (Sept 11): CADX seems to have reached an intermediate peak here and run out of momentum with mixed techincal indicators. I don't expect any upcoming events until the FDA action in November. I locked in profits by selling for $10.76 (+85 cents or +8.6%)
CADX Trading History:
September 1st. purchase CADX for $9.91
September 11th, sold CADX for $10.76 (+$0.85 or +8.6%)
Current Position: None