Updates on ADPT, DDOG, CYRX, ARRY, PRPL
With the market continuing to weaken we’ll move incrementally more into defensive mode until the smoke begins to clear and we can better distinguish the stocks that will emerge as the next leaders.
While there is a lot we could say about just about any stock in our portfolio, right now we’ll focus just on what actions to take.
Adaptive Biotech (ADPT) moves to sell. We already sold half and will fully exit today. The stock has suffered due to one program being canceled with partner Genentech. While the selloff seems overdone, we are in profit saving mode here with a roughly 60% gain at stake on our remaining position. SELL
Datadog (DDOG). Sell another quarter. We’ve stuck with the stock for almost a year and have a roughly 120% gain on our remaining stake. SELL A QUARTER, HOLD REST
Cyroport (CYRX). We’ve already taken partial gains and will fully exit today by selling the other half. CYRX goes back on the watch list. SELL
Array Technologies (ARRY). Sell. This is mostly a defensive move to protect against a deeper decline should ARRY fall below support. We’ll revisit once clean energy names firm up. SELL
Purple Innovations (PRPL). Hold. Purple is having a horrible day after missing Q4 numbers. The selloff looks a bit overdone and with the stock having gapped down at the open there was no way to get out of the way. We will likely exit the position, potentially looking for a bounce tomorrow to do so. HOLD