OMER – another thing to file under “really puzzling things about market behavior”: I had 500 shares of biotech stock OMER avg’d at $16.56 after initially buying 250 shares in upper-$19s on drop from $27 to $19s and then again buying way down at $13.25. Stock never rebounded to my avg level and wallowed mainly in upper $13s to lower $14s. Yesterday you could buy it around $14….
Then, after hours yesterday, on a very healthy looking earnings report, OMER jumped to mid $15s, but NOT on huge volume. This morning pre-mkt, I saw it jump to bid/ask of $16.40/$16.50, then fade on low volume, so I sold my 500 shares at avg of 16.22 figuring I’ll make up the 2% loss elsewhere. OMER dropped pre-mkt to bid/ask of 16.00/16.10 right before open.
Mind you, the volume pre-mkt was very low, only about 10k shares of OMER traded during that entire 2hrs 30mins time-span. The XBI all-cap biotech index was in the red pre-mkt, so I figured OMER would sell off after the bell during regular trading.
Huge volume INSTANTLY comes in, over 3 million shares traded in first 40 minutes, and OMER zooms within those 40 minutes from $16 to HOD of $20.02.
Now… where in hell did all that volume come from after the opening bell and why were there NO SIGNS whatsoever of that big buying interest in pre-market??????
Weird, weird, weird.