Strange Price Action In Sarepta Therapeutics
Sarepta Therapeutics Inc (NASDAQ: SRPT) shares are trading higher by $0.71 (3.8 percent) in Friday's session. The pharmaceutical company whose future is tied to the approval of its main drug, Eteplirsen, had a strange unexplained move in pre-market trading.
Around 6:30 a.m. ET, the issue moved up on only 1600 shares to $23.20 and quickly came down on much bigger volume. One of the two things occurred. Either a trader purposely bid up the shares to instigate some sort of panic buying in the issue, which can move wildly on headlines.
Or, it was the case of a fat-finger. In other words, a trader did not enter the correct price that was near the market and as a result took whatever liquidity was available. For example, if the trader wanted to purchase 1600 shares at $18 and put in $28, it would seek liquidity up to that level.
At this time, the high for the day stands at $18.67, while hitting a low of $17.85.
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