The pharmaceutical company once led by Martin Shkreli has officially imploded.
In a filing with the SEC on Wednesday, KaloBios announced that its interim CFO and auditor both resigned, leaving the company with limited executive leadership.
Additionally, the Nasdaq informed KaloBios that its stock would be delisted. Shares of the company had been halted since Shkreli's December 17 arrest on securities-fraud charges. Shkreli was fired as CEO of KaloBios on December 17.
KaloBios shares, which in November were trading below $1, spiked to as high as $40 a share after Shkreli and his associates acquired 70% of the company's outstanding shares.
In addition to executive departures and a delisting of shares, Marcum LLP resigned as KaloBios' independent auditing firm
MannKind (MNKD) , a biopharmaceutical company, focuses on the discovery, development and commercialization of therapeutic products for diabetes in the U.S. This stock traded up 22.3% to 92 cents per share in Tuesday's trading session.
From a technical perspective, MannKind exploded sharply higher on Tuesday right above some near-term support at 75 cents per share with massive upside volume flows. This high-volume spike to the upside briefly pushed shares of MannKind back above its 20-day moving average of 96 cents per share, before the stock closed just below that level at 92 cents per share. Shares of MannKind are now quickly moving within range of triggering a major breakout trade above some key near-term overhead resistance. That trade will trigger if this stock manages to take out Tuesday's intraday high of 98 cents per share and then above more key resistance at 99 cents per share with high volume.