Twenty-four hours ago, Northwest Biotherapeutics (say that three times fast) was on a rocket ship. Or so it seemed. Turns out, the rocket ship was actually a well-disguised roller coaster.
Monday's 294% gain has turned into a significant pullback midway through Tuesday. As of 1 p.m. Eastern time, NWBO.OB is trading at $5.31, down 27% (more than 2 bucks) on strong volume.
Monday's volume, 3.9 million shares traded, will be tough to match. Today's volume is 2.4 mil. Is this just a breather for the stock? Are speculators and longs right for anticipating another run-up for a company that has gained the first approval for a cancer vaccine? Or is this where the tiny Co's stock belongs? After all, even at this level, it's more than double what the price-per-share was before yesterday. The approval comes with limitations. Instead of dealing with a very antagonistic FDA, Northwest Bio will provide limited access to its immunotherapy in Switzerland. The treatment is for brain cancer only.
With a tiny float (4.1 million shares), this is a dangerous place for a daytrader to be, both on the long and short side. Where NWBO.OB goes from here ... you never know.
Disclaimer: Pupule Paul has no position in NWBO.OB.
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