Dead Biotech Plays Surge To Life
Hammered small cap biotech stocks are jumping today, another sign investors are searching for anything with even a faint pulse to buy. Affymax, Inc. (NASDAQ:AFFY) is trading at $1.10, +0.30 (37.48%) and Celsion Corporation (NASDAQ:CLSN) is trading at $1.06, +0.09 (9.50%). Both biotechnology plays are down over 90% from their 52 weeks highs yet are surging today. With all other stocks in the market up near their all time or 52 week highs, traders are finding the lowest crap to buy and pump. In addition, these plays tend to be highly shorted. This can cause a short squeeze. Bottom fishing is common towards the end of a major rally on Wall Street. It shows that there is not much left to buy and make money on prior to a market reversal.