When Synovis Life Technologies (SYNO) (15.72, $181mm market cap) reported in late May, I thought I had let a great opportunity slip away.  I had recently added this pure-play in biological materials used in surgery to my watchlist, as it is a member of an elite group of companies in the Med-Tech space with gross margins above 60% and little or no exposure to capital spending.  I have written about a couple of others, including Somanetics (SMTS) last week and Volcano earlier this summer.  SYNO reported a great quarter, yet again, but it announced that it was going to be hiring salespeople.  I mistakenly took this long-term bullish but short-term costly action as a possible catalyst for the stock to pullback even further than it already had.  Instead, it ran from its close of 14.24 to a high of almost 20 in the next few days and a peak of almost 22 five weeks later.  As you can see in the chart below, it looked like I had let a great one get away:

Well, just a few days later, the company announced that it had won an auction of a company in bankruptcy, Pegasus Biologics.  Investors reacted extremely negatively to the news, hitting the stock hard for the next week and driving it back to the gap in the mid-14s that had been left when they reported earnings.  You can see that action in the up-to-date chart below:

The deal closed, the market has been rallying and SYNO has been locked in a tight holding pattern since they announced the deal and trashed the stock.  I expect that what had investors so excited in late May will be evident yet again when the company reports Q3 on September 2nd.