Negative Asensio Report Can't Keep China Sky One Medical (CSKI) Down Today

Shares of China Sky One Medical (Nasdaq: CSKI) are rallying today on the back of several news items. The stock most recently traded at $14.61, up more than 8% from Friday's closing price.

First, CSKI announced early this morning that it has received production approval from China's State FDA for two newly developed drugs.

Also affecting the stock, short-selling firm Asensio.com issued a negative report on the tangled web related to China Sky, Takasima Industries and massage chairs. The bearish report is not sitting well with traders, however, and it appears that today's upside move is being intensified as short-sellers cover their downside bets.

Notably, the stock is seeing very light volume today: has traded only about 150,000 shares, which compares to its average daily volume of 287,000 shares.

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