KaloBios Pharma (KBIO) Continues Volatile Trading as Shkreli Pulls Shares; Regulators Eye
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KaloBios Pharma (NASDAQ: KBIO) continues to be on a wild ride after CEO Martin Shkreli announced last week that he would stop lending his KBIO shares.
According to traders, Shkreli followed through with his promise. One trader told us "one of my brokers under KBIO shortable column is a red box.. never saw that before...even if not available they let you try if it becomes available...always a dark green or light green." The trader was able to find shares to short at another broker.
Meanwhile, the bigger question is a potential FINRA/SEC shutdown of the stock. In a statement to StreetInsider.com last week on the matter, a FINRA spokesperson said, "I'm not able to comment on open matters."
According to sources, FINRA is in fact looking into trading in the stock.
Shares of KBIO last traded down 8%.
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