Salix Pharmaceuticals, Ltd. (SLXP)

It is an unintentional nonprofit. Current spike in share price seems to be hype driven and is likely to revert back to performance-based value in the $6 to $7 range.

I'm nervous that Celldex will slip below the 100M threshold and I'll never be able to catch them again. I'm pretty confident they're headed nowhere so even if I eat dirt on this in the short-term the pick will eventually pay off and I'll be score leader. Here's my prior underperform pitch - nothing has changed:

Celldex has a lot of potential on paper but does not inspire confidence with their behavior. Whether it's the strange merger between a vaccine developer and an oncology biotech, the confusing name changes, or data mining failed trials, they have labeled themselves in my mind as a long-term failure. The most recent source of irritation is the decision to change a planned controlled phase IIb/III study of CDX-110 to a single-arm phase II study, apparently because patients were withdrawing from the study after being randomized to the control arm. Admittedly I haven't looked into this sufficiently to determine exactly how patients knew they were in the control arm of a supposedly randomized controlled study, but I am amazed at how the company appears to have blithely set themselves back an entire level of development. The market doesn't seem to care much either, rewarding the stock with a double.

Negative cash flow, negative ROA, negative ROI, negative margins, negative me.