GREY:ICOTF - Post by User
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TechnicalBuyon Nov 02, 2013 10:18am
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Ico Therapeutics Buying Opportunity
Ico Therapeutics Buying Opportunity My second biotech pick for the year is Ico Therapeutics (ICO.V). Ico is expected to complete its large phase II study for the ico-007 diabetic macular edema drug by the end of q1 2014.
Ico’s drug is aimed at the very lucrative ocular market, possibly as a complement/competitor to the $2bn Lucentis drug. Last year the stock hit $0.89 on excitement surrounding expectation of preliminary results. I expect to see the start of similar excitement and momentum buildup very soon. The risk is limited with the strong support at these levels, and the upside looks promising for Ico and its paltry $22m market-cap valuation.
The price has been depressed of late due to a recent financing, as well as the 8m warrants expiring on Nov 2, 2013. I view this as a quick buying opportunity in the mid $0.30s.
TB
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