KaloBios Ends Wild Day Up 400%; Down Slightly After-Hours
KaloBios Pharmaceuticals Inc (NASDAQ: KBIO) shares ended today's session higher by $8.23 or nearly 400 percent. Martin Shkreli is working his magic on another downtrodden biotech.
The disclosure of his investment in the company, which itself had plans to liquidate all assets and let its employees go, is now flirting with double digits. The return on Shkreli's purchase price represented a near 1,000 percent gain earlier on the day.
Frenzied buying surrounding KaloBios pushed shares to $24.82 in pre-market trading; by the open of the regular session, the issue had retreated to the $14 area. After a brief pop to $14.72, long sellers and short-sellers pounded the issue as low as $8.48. It had rebounded to end the session at $10.30, before dropping below double digits after hours.
Of note, KaloBios briefly traded between the $22 and $24 mark at 4:15 p.m. ET, confusing some traders. Prints at this elevated mark lasted for a four-second period, and were attributed to a "trade reporting facility."
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
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