How Did Today's Zosano Pharma Short Call From Martin Shkreli Play Out?

Zosano Pharma Corp (NASDAQ: ZSAN) opened 78 percent higher Monday on news that it met both co-primary endpoints in the ZOTRIP pivotal efficacy migraine trial.

However, the effect was swiftly mitigated by Martin Shkreli’s Facebook Inc (NASDAQ: FB) post contradicting investor instinct.

Following the post, Zosano shares fell 2.6 percent on high volume to a low of $1.92.

Competitor Immunomedics, Inc. (NASDAQ: IMMU), which had tanked more than 7 percent on Zosano’s initial announcement, did not recover off Shkreli’s post. At the time of publication, the stock was trading down 8.3 percent from its opening price.