Dead Biotech Plays Surge To Life
Nicholas Santiago | May 08, 2013 12:53AM ET
Hammered small cap biotech stocks were jumping yesterday, another sign investors are searching for anything with even a faint pulse to buy. Affymax, Inc. (AFFY) was trading at $1.10, +0.30 (37.48%) and Celsion Corporation (CLSN) at $1.06, +0.09 (9.50%). Both biotechnology plays are down over 90% from their 52 weeks highs yet were surging yesterday.
With all other stocks in the market up near their all time or 52 week highs, traders are finding the lowest stuff to buy and pump. In addition, these plays tend to be highly shorted. This can cause a short squeeze. Bottom fishing is common towards the end of a major rally on Wall Street. It shows that there is not much left to buy and make money on prior to a market reversal.
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