Anybody interested in owning Relypsa (RLYP) missed a golden opportunity to own the stock at $16 after the $15.89 close on Monday as Brexit caused investors to exit risk assets. The stock surged nearly 10% on Tuesday and is up another 1.5% today as the market soared from the lows and highlighted the reason to not get too high or too low on this biotech stock. The stock traded down towards a market valuation of $700 million despite having the approved treatment for Hyperkalemia while AstraZeneca (AZN) struggles to get ZS-9 approved after paying $2.7 billion for ZS Pharma. One has to presume that considerable value exists on the dips in Relypsa considering a biopharma worth over $70 billion paid that much for a sector player. Analysts forecast Veltassa reaching sales of $200 million in 2018 and $500 million by 2020. The amazing part is that Relypsa has hit lower lows on several occasions over the last year and highlights the value of dip buying. Disclosure: No position