Puma Biotech’s blast-off is not a typical short squeeze

July 23, 2014 4:10 PM

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Puma Biotech’s blast-off is not a typical short squeeze

Puma Biotechnology shares’ near quadrupling on heavy volume looks like an epic short squeeze, but relatively low levels of short interest suggests there may be more to the buying than just bears stampeding out of bad positions.

The stock /quotes/zigman/12297182/delayed/quotes/nls/pbyi PBYI +286.96% soared $170.83, or 289%, to $229.86 in midday trading. Volume was 5.6 million shares, or about 14 times the daily average over the past 30 days of 411,453 shares, according to FactSet. The blast-off follows the company’s annou...

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