Had little to do with pending news. A positive outlook on the stock yes, a few upgrades from analysts, yes, but on CHMP, DEA? I dont think so. The Monday, Tuesday rally and even todays PPS consolidation is purely a technical stock move that traders saw as obvious.
The 3 days following last Tuesdays run were unable to fill the body of last Tuesdays move, but proceeded to close higher on Fridays close than on Thursdays close.
The result was definitive buying on Monday, Tuesday with consolidation today. CHMP, DEA ... not baked into the share price ... they are warming the oven, but the temperature is still rising, OR ... setbacks could kill PPS once the technical move has finalized.
Tomorrow ... Looking for a higher low and prob a lower high. Doubt well hit $11 but anticipation may pressure buyers. Short sellers will not cover. They won't cover till guido is at the door to repo the boat.
Yes. A technical breakout. Technical breakouts are just simply supply and demand. Continuous accumulation most likely from institutional investors has caused a breakout. Breakouts in many instances happen before good news comes out and is not timed by institutions, they simply see long-term potential and are accumulating initial base positions to hold and trade off the top and accumulate off of technical bottoms for several years. So over-all this is not good for those that are short.