How KaloBios Pharmaceuticals Inc (KBIO) is Bouncing Back from a Brutal Day

KaloBios Pharmaceuticals Inc (KBIO) is staging an incredible comeback from Tuesday's beat-down

by Alex Eppstein

Published on Nov 25, 2015 at 2:38 PM
Updated on Jun 24, 2020 at 10:16 AM

KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) is the biggest gainer on the Nasdaq this afternoon, bouncing back from Tuesday's brutal 53.6% loss. Specifically, the biotech stock has surged nearly 44% to flirt with $26.60, after the company responded to a delisting notice from the Nasdaq -- triggered by its failure to file a quarterly report -- by saying it "intends to file ... as soon as practicable."

KBIO has been nothing short of incredible this month, since news broke of a huge investment from Turing Pharmaceuticals CEO Martin Shkreli. Relative to its close at $2.07 on Nov. 18 -- the session prior to that development -- the stock has gained 1,185%.

Meanwhile, short sellers have been hitting the eject button at a rapid-fire rate -- while those who haven't are getting killed. During the last two reporting periods, short interest on KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) plummeted close to 35%. At present, 14.1% of the stock's float is still sold short, though it would take less than two sessions to repurchase those positions, at typical volumes.

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