Dendreon (DNDN, $27.86, $16.05) is up 135% this morning after trading higher in last night’s after-hours market. The shares were opened for trading shortly after 6pm and hit a high of $27.50 before settling at $25.75.
It has been another wild ride but those who have shorted the stock, they made their last stand yesterday. Yes, the “erroneous” trades from yesterday that caused the stock to drop from $24 to $11 will stand according to the Nasdaq and there wasn’t a lot being said about the huge block of shares that triggered the sell-off.
My only explanation is that someone got really, really nervous before the news was released and sold some huge blocks of shares. However, what you have to realize is that someone was buying them as they were dumping them. I knew when we got the news the stock would rebound. Folks, this the first cancer vaccine to extend life!
For those of you who got stopped out of the stock; don’t shoot the messenger. I don’t buy stocks so I wasn’t exposed to the stock part of yesterday’s drop from $24 to $11. I feel terrible for some of you that got stopped out of the stock but the trade was on the options. That’s what we do here.
I’ll be back later today with another update but continue to hold the other half of your positions. The stock could really start to take off if the shorts start covering.