Wednesday, June 4, 2008

Energy advances, and some clinical progress

My energy stocks are on the move higher today, including Ensco (6.6% of portfolio), for which coverage was initiated by yet another firm. As the prospects of the oil drillers become more apparent to the analyst community, more coverage will probably be forthcoming. In alternative energy, I hold a small amount of Mass Megawatts Wind Power (1.8% of portfolio), which briefly touched the $3 mark earlier today. I had thought the pullback in the stock would last longer, but it rebounded quite sharply in the last week. I recently took some profits at lower levels, so I won't be adding any more stock here.

There is also some clinical news from TorreyPines Therapeutics (1.1% of portfolio) today, which is initiating a Phase 1 trial of the oral prodrug of Tezampanel for yet another indication. Although early stage, these trials are significant in the respect that the oral formulation of the drug will allow for easier administration, potentially increasing the market value. The problem will be one of funding; it remains to be seen if the company can partner successfully to guide these compounds through later stage trials and potential FDA approvals.