Without the emotion and bashing.....was today's tremendous run the start of a short squeeze? An indication of a partnership for Asia or Europe? Or run up before new positive data? Didn't see this coming today!
I think that the movement may have been a combination of buyers coming in from the article that came out today about Jefferies top biotech picks and a few panicked shorts covering. Jefferies stated that they believe that Synta may be the most undervalued biotech stock around. Their target for Synta is $22 per share, (at the higher end of target projections). Upcoming catalysts are making shorts very nervous and once their shield of the debt crisis passes....this stock could launch quite high going into the end of the year. My guess is that shorts are already heading for the gates and this upwards pressure could cascade into something very nice for us longs. My two cents....
No volume. Consider this simply another day on yer SNTA journey.
Not bashing, simply pointing out the lack of convincing volume.
Short covering would be most apparent with elevated volume.
Sorry, we didn't see it today...