Guilford Pharmaceuticals (GLFD)

GLFD should have been a good idea; might still turn out that way.

I bought GLFD in May after it had finally broken through the $5 barrier on the third try in a month, and did so on very heavy volume (over a million shares changed hands one day).

As expected, the price started falling back and I bought on one of the big down days. Unfortunately, that was followed by some more big down days. I would have still held on except that a downward gap opened up at the beginning of June that made me quite nervous indeed, and when my loss reached 8% I sold.

It may well turn out that GLFD will be like FDCC: move sidewise for a while and then continue upwards.

In general, I've stayed away from most pharmaceutical companies because their dependence on regulatory decisions by the FDA makes them riskier than normal.