I noticed that too. The longs are too self-assured. CLDX has gotten way, way, WAY overbought. Irrational buying taking place into the close. I bet it falls on Friday too. It shouldn't have gotten back over $9 because it's so overbought.
'way, way, WAY overbought'? In my view: the contrary!
MITI was bought for 1.1 bn$ a year ago with its lead project, blinatumomab, in phase III at the time. ARIA went all the way into the 3 bn$ market cap when ponatinib was still in phase III and above 4 bn$ market cap after filing (lost 20%, of course, after the final label became known). Both of these products for much smaller target markets then CLDX' lead project in phase III (GBM) or phase III-ready (mBC), plus CLDX' other pipeline is more diverse than these comparator co's. Market cap could go 3 to 5x or more within 12 to 18 months for CLDX.
We all know the pipeline is worth more than 600 million dollars, the chart has had these moves on the for years not days or weeks or months. It had 7.63, 9.07 and 11 written all over it. CLDX is worth 15 easily coming through research phases. It is not always the price but the share count and volume activity, I would make that mistake for years not understanding share count and price objective along with revenue growth and margins that is what makes electronic technology so hard to trade and biotech so great once they begin to move.