When Will Rosetta Genomics (ROSG) Crash From its 1346% Gain?
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Rosetta Genomics, Ltd. (Nasdaq: ROSG) and sympathy play Genetic Technologies Ltd. (Nasdaq: GENE) are front and center on the screen of many a trader today. After busting to nose-bleed levels earlier in the session, both are now coming in hard. Still the upside action in both today and over the past few days is nothing short of breathtaking.
This all started on May 16th when Rosetta Genomics announced that Novitas, the designated Medicare Administrative Contractor for the Company's miRview mets assay, has informed Rosetta that it plans to cover this assay for all Medicare beneficiaries.
Since that time shares have run up as much as 1346% to its daily high of $23.43 before coming back down. With shares currently at $15.78, they are still up 874% since the 16th.
GENE has only been on radars since May 22, but is up 100% since that time.
The run-ups in both is absurd, but being short the names may also be absurd. With low floats the momos have gained control. When it ends is anyone's guess. But when it ends it will end badly. There is no question about that.
This all started on May 16th when Rosetta Genomics announced that Novitas, the designated Medicare Administrative Contractor for the Company's miRview mets assay, has informed Rosetta that it plans to cover this assay for all Medicare beneficiaries.
Since that time shares have run up as much as 1346% to its daily high of $23.43 before coming back down. With shares currently at $15.78, they are still up 874% since the 16th.
GENE has only been on radars since May 22, but is up 100% since that time.
The run-ups in both is absurd, but being short the names may also be absurd. With low floats the momos have gained control. When it ends is anyone's guess. But when it ends it will end badly. There is no question about that.
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