Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) shares were trading higher by $1.36 (80 percent) at $2.96 in Thursday's session. The catalyst for the issue doubling in price is favorable results of its TIVO-1 extension study for the treatment of advanced renal cell carcinoma (RCC).
Strangely, that news hit the wires on Wednesday at 7:00 a.m. ET and only instigated a modest rally in the issue from $1.34 to $1.60. The Street's attention led to the substantial boost in volume as it traded 4.37 million shares compared with its day average of 200-day average of 984,000.
On Thursday, The rise on huge volume may have appeared on scanners across the globe, as well as catching the eye of momentum traders. As a result, after a higher open ($1.84 versus Wednesday's close of $1.60), and a measly $0.03 retreat, it exploded to $3.50. Since reaching that elevated level it has retreated under $3.
The issue is now trading in a vacuum area that was created in May 2013, when it cascaded from $7.54 to $2.52 in one week when a class action lawsuit was filed against the company for alleged violations federal securities laws.
Even more impressive than price increase is the volume so far: a whopping 55 million shares have changed hands with over four hours remaining in the session.
Editor's note: At time of publication, shares were trading at $2.46.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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