On the fence here. Part of me agrees with semanresu. 180M float minus 50M short minus 38M traded (bought for long term?) today? What's the real float on this?
I suspect that people will be looking or have sold to rebuy later. We still need the FDA approval to give this real value.
This could be another GLD or ONYXX. ONXX put their bet on the table like Exelixis and pulled research and won big. It iight be worth the holdout for a long position and tax deduction. ONXX was bought by Amgen $10B ($125/share).
It moved up pretty far, pretty quick. Its not likely to repeat the same volume as today. Some re-tracement should be expected but not guaranteed. Most traders will book the 20+% profit and move on. New ones may come and take their places but not with the volume of today. I have all the shares I want to hold right now so I would not be a buyer going forward. If you are trading for the day and it gaps up, move out and look to reload lower. If it stagnates early on just hold and see what happens. If it runs off, check the intraday chart. If it continues the hyperbolic move it did around mid day today consider getting peeling some off as it has gotten ahead of itself. Another 20 - 25% move from here will give it a market cap of $1B. Not unreasonable but certainly fueled by speculation that RHHBY is going to take them out. This could play out for a few days. It sure beats the #$%$ out of all those days of drip, drip, drip....