Dendreon's Mysterious TradeBen Levisohn
Biotech stocks are supposed to be volatile, but yesterday’s move in Dendreon (DNDN) was a bit much. In a matter of minutes, the biotech stock fell 70%, from 25 to 7.50, before trading was halted at 11.81. The truly strange part: the company was expected to announce the results of tests on its prostate cancer drug at 2pm, about half-an-hour after the selling started (most stocks have large moves after the news is announced). Even rarer, is the speed with which the move happened, just a little over one minute for the stock to fall 16 points. Even more amazing is just how wrong the seller turned out to be.
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