not sure but somebody was unloading a boatload of shares at the end of the day. If upcoming data is disappointing one can only speculate that someone "in the know" bailed before the news crossed the wire. Naturally we'll be left holding the bag in that scenario...
A trader named $heff sold his position, he commonly does not hold a stock for too long, but he had been holding NBY for a few months, he got a little inpatient and sold after the seeking alpha article on Friday. He has lots of follower who try to replicate his calls on stock picks. When he picks and enters a stock, the stock tends to go,higher, when he exits a position, the stock,will do the opposite, the stock price drops because a number of his followers are left scrambling trying to exit as he does. As you will see there is a big risk of trying to follow him, many of his followers have to keep a watch on him every second. What you saw on Friday was his announcement to his followers he had exited. And the after hour trades were maybe a few of his followers who are late in the know. remember he is a trader, and usually trades for catalyst, he got a little inpatient, and his strategy is to lock gains, the danger is that usually his followers, once he has sold, they can never lock substantial gains, in fact maybe incur loses as a result of following his moves. Here what he posted in his investorshub site on friday, which immediately created the selloff: (notice his entry point was $1.39)
"New Economy Portfolio....exited a stock that has pending catalysts in Q3 & Q4.
Alert..exited NBY at $1.44 in New Economy Portfolio from entry at $1.39 on 7/25. Has not been a mover for me for almost two months. I don't want to hold for the Phase II results so freeing up money for other positions. "
one of his followers had questioned his position! where he then responded:
Post # 71752
"NBY..$1.44..I will watch this one here. Wanted to play the catalyst here but there has been very little movement in the stock the past few months. Wanted to trade it for appreciation but there was very little.
Message in reply to:
NBY 1.44 article. I have it on watch.
NovaBay: Data From Phase II Trial Of Auriclosene In Urinary Catheter Blockage And Encrustation Is Imminent