Puma Biotechnology, Inc. (PBYI)

[Stocknique]

Puma Biotechnology who NASDAQ ticker symbol is PBYI, was one of the highest performers on Monday's trading session. PBYI's shares soared on investor's anticipation that the FDA will approve its neratinib breast cancer drug. The FDA is scheduled to meet on this matter later in the week and is reviewing approvability of the cancer drug. At one point the stock was up 84% but sold off throughout the day still closing at 39.15% gain from its open.

This type of price action is Day Trader nirvana. The stock made multiple moves throughout its trading day. Within the first 30 minutes of trading the stock broke its opening range which led to being halted on the NASDAQ. With only a 31.82M float the stock post halt moved from $47.23 to $69.35 in a matter of 15 minutes. This short squeeze is correlated to the 25% in short float as many investors have had a lack of confidence in Puma's ability to get FDA approval. When the stock couldn't hold its gains its trend changed to the downside south of $65 before finding support around the $50 range. There was opportunity to go long in the early hours of the trading day as well as better opportunities to short PBYI in the afternoon.






From Seeking Alpha
PBYI Halted Squeezed And Shorted