KaloBios Pharmaceuticals Inc (NASDAQ: KBIO) shares are trading higher by $8 at 26.40 in Wednesday's session. The frenzied trading action began on November 19, when biotech investor Martin Shkreli announced a stake in the troubled biotech company.
After closing on November 18 at $2.07, the issue visited the $40 handle on Monday and Tuesday, peaking in Monday's session at $45.82.
If the current low ($22.75) and current high ($31.33) hold up, it will mark the first time in nine sessions the issue traded within the parameters of the previous day's range. For this to remain valid, the issue must not breach Tuesday's low ($18.40) or Tuesday's high ($43.75).
During the last hour the issue has been confined to a $25.05-$26.85 trading range.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
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