Naz News, Gappers and FLE's

[MiamiGent]

FPRX +31.70% today on news. I shorted @ 19.28 avg. Here's why:

FPRX has touted its library of 5,700+ identified human proteins and its comprehensive discovery platform. It has been in business for 12 years and has only one Phase 1 clinical safety trial completed. There is no proof they are working on any successful product.

What FPRX has successfully done is attract research money from big pharma. Today it secured $30M from Bristol-Myers Squibb to evaluate investigational Immunotherapies, representing a 10.90% addition to the research money it has attracted to date.
This is the way big pharma rolls these days- it farms out a lot its work. And it spreads a lot of money around. Even a company I have a dim opinion of, INO, has managed to catch a bit.

Short and simple- FPRX became a momo play today. It has a small retail float of about 7M shares. With a daily average volume of about 100K shares, only 700K shares today sent it to the moon. Houston will be returning this spacecraft quickly- at 7.7x's book value for a company that has nothing beyond a single safety study, its way overvalued. The President & CEO might agree- he dumped $654,000 of stock this month at about 13.08, 37% lower than today's close of 20.70. No one in the company had sold anything in the prior 12 months.
Resistance is 21.39 and support is 12.
StarMine's summary of five independent analysts covering FPRX, before today's 31% runnup, was .5 on a scale of 1-10, Very Bearish.
MG

http://stockcharts.com/h-sc/ui?s=FPRX