PPR - SGEN on track for a pocket pivot
SGEN needs to trade 1080600 shares to qualify for a pocket pivot. It will be a close call as there are only 35 minutes left in the trading day and it needs to trade an additional 33% more shares. That said, keep an eye on it closer to the close as volume spikes can occur toward the end of the trading day. SGEN develops monoclonal therapeutics for autoimmune diseases and cancer. Industry group rank 2nd out of 202 groups, institutional sponsorship has risen over the last 5 quarters, and sales has recently accelerated. Keep in mind this company is a biomedical company so has no earnings. While that increases the risk, the fundamentals together with the strong technical action tilt it in favor of being mentioned.
We own a position in SGEN.
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