Aquinox Pharmaceuticals (AQXP), an IPO in March 2014 was just another of those “no sales’ biotechs foisted upon the public by the lovelies who continue to put a ton of this stuff into the market. Unlike many soaring “no sales” names, the stock did nothing. This led to July 9th where the stock got hit hard from $7 down to $2 because of a bad drug trial.
But somehow, just a month later, that same drug was all of a sudden a hit during trials. We will not quibble with that. But something else happened. The stock went from $2 to $11 in just one day this past Friday. But that was nothing. Just yesterday, off the Friday news, the stock went from $11 to $55 and that was by 1015 am. Unfortunately, it finished the day under $19. Anyone who bought in at 1015 had a bad day. Let me be clear on this, someone was willing to buy this stock at $55 even though 2 days before it was less than $2 and even though the company is still a long way away from any sales. But guess what happens this morning? As we write this, the stock is up over $6 premarket…a measly 30% gain on nothing. But don’t worry. There is no bubble. Just ask Janet!
We had a nice report for you this morning based on yesterday’s action. Then, China did something with their currency. So the “guess the gap” game is down this morning.
The bigger question is why does a country even have to control its own currency like China does? The answer is: they are communists. They like control. They know their economic numbers come straight out of Fantasy land and they know they are an accident waiting to happen. But don’t worry, governments have you covered.
More tomorrow as yesterday’s big move was led by the worst areas. Hmm!
Yup…the Chavez clan was for the people!