But if you have a short position, there’s no limit to how much money you can lose if the shares rise. If the share price increases soon after you place a short position, you could quickly “cover” by buying back the shares and returning them to the investor you borrowed them from. If you’re lucky, you might not lose very much.
But an investor named Joe Campbell was not so lucky when he placed a $37,000 short position on KaloBios Pharmaceuticals Inc. KBIO, +75.48% late Wednesday, only to find out on Thursday that the shares had shot up about 800% after Turing Pharmaceuticals CEO Martin Shkreli gained control of a majority of KaloBios’ shares.
Oops. Campbell pleaded for assistance, saying he might have to cash in his and his wife’s 401(k) to cover his position, since his broker was unable to react quickly enough to close out the trade when his account balance was wiped out. But he received little sympathy from other investors, as you can read on his GoFundMe page.
Good to see you posting. $3.50 to $10.80. Wow you are doing great with Opk.
A nice triple with a great future in Opk
Have a great weekend
This is just too funny! I am more convinced than ever with opk
Boatload at $1.60 holding long and strong
Agree with you on LTS. Still long and strong on both Opk and LTS
Have a great night
Thanks for update. Fully convinced about opk here. Boatload at $1.60 to $10.85.
You are right on with 11.24. I would have guessed higher but I did it before the news announcement
Hope all is well