Shkreli Short-Squeeze In KaloBios Executed To Perfection?

KaloBios Pharmaceuticals Inc KBIO shares are trading higher by $10 at $36.63 in Friday's session. Current and potential short-sellers were sabotaged when CEO Martin Shkreli announced upon of the advice of his counsel not to loan out any more of his stakes to the Street.

Off the initial announcement, the issue spiked to $55 in pre-market action. However, off the open bell the issue found willing sellers in a familiar area at $45. That is less than $1 below its high from Monday ($45.82) and a little over $1 from its high on Tuesday ($43.75).

It had been unable to sustain its ill-gotten gains and swooned to $34.31 before mounting a rebound to its current level.

Joel Elconin is the co-host of Benzinga;s #PreMarket Prep, a daily trading idea radio show.

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