They were not day traders that got out. Holders were speculating that the Dow Jones News would pick the stock up, and publish the news. The piggies were buying at $1.65. I got a call from a trader who had a buy order at 1 5/8 for 30,000 shares. When the stock didn't move and the buying dried up, the bids faded. THis morning, novices threw market orders in for 30,000 shares and such. The mm's only show bids for 500, so when they see size, they drop back. One thing leads to another, and the panic sets in. At 84c, I tried to buy 50,000 for $1. Never got a share. The mm's picked off all that stock cheap, and then printed it at $1.22. Now you know why you get $7.95 executions, which why they are called executions.
The fact of the matter is that Sloan is paying for PH I/II. That makes this a new company, and that's why the stock rallied. As press comes out and more people find out about it, the stock should rally back to the $1.70 level.
Remember, the NYTimes printed the ENMD story 3 months after the company released the information. Sometimes it takes time, and who can tell if the story gets picked up tomorrow or next month. But it's cancer, and it will be picked up by somebody.
Remember this. Hep C and Aids are poor peoples' diseases. The rich worry about cancer. The hot money is gone, and the story is out. The stock should work substantial higher.
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