KaloBios' Next Support Level Could Be 15% Lower Than Current Prices
KaloBios Pharma Inc. (NASDAQ: KBIO) traded lower below $27 in Monday's session. The rally first started by biotech investor Martin Shkreli appears to be running out of legs.
Shkreli, who's made plenty of headlines for drug pricing in recent months, earned an estimated return of over 1,000 percent in KaloBios after revealing a new stake amid the company's apparent shutdown.
The issue, which rallied from the $2 level to $45.82 only three trading days later (November 19,20 and 23) is trading lower for the fifth day in a row. Over that time period it has declined from $31.37 to its current level.
Now that it is trading in the mid $20 handle, there may not be any major support until is November 25 low ($22.75) if the decline continues.
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