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Dennis: Rethinking Axovant Sciences (AXON) on 3 catalysts

RagingBullRagingBull ·

Kyle Dennis of BiotechBreakouts.com said that Axovant Sciences (AXON) has three Alzheimer’s drug test-data releases coming in January, which is creating an opportunity to buy the stock, which has been hammered this year on a series of catalyst events that turn out poorly. Axovant is down nearly 60 percent year-to-date and Dennis recently was sour on the stock, but he now believes the stock could double or triple in the next few months. Dennis hasn’t yet bought the stock, but says he will if the stock completes a double-bottom pattern this week; he might also use $5 in-the-money January call options to reduce his risk in the trade. If he buys the stock, he expects to hold it until the middle of December, as the first catalyst is nearing, when he hopes he will see a price above $7 per share; he will place a stop-loss on the stock at $4.50 per share, a level near the double bottom.

Why Kyle Dennis avoided Axovant mid-summer

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Kyle Dennis is an events-based trader who runs Kyle Dennis’ BiotechBreakouts.com. He had no shares, options or open orders in AXON when this interview was recorded on Nov. 3 but was watching the stock — and January call options — looking to buy in and trade it as described in this conversation. The Raging Bull podcast features experts from the site talking with Raging Bull editor Chuck Jaffe on his show, “Money Life with Chuck Jaffe.” You can learn more about Chuck’s daily hour of market and personal-finance chat at MoneyLifeShow.com; you can subscribe to the Raging Bull podcast via iTunes and other podcast providers.

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