Thursday, March 20, 2014
Aveo jumpes 19% in after hours trading after regaining rights of AV-203 from Biogen
Yes, you read the headline correctly. Aveo JUMPED after Biogen gave the drug back to them when it should have gone down as it lost it's major pharma partner' support of the drug. The drug just finished up a phase 1 safety study but it's many, many years away from possible commercialization (if ever). On that note, I sold my 4,000 shares for $1.94 in after hours trading after buying them earlier in the week for $1.69 as a day trading strategy. It worked out well for me but I'm dumbfounded by the optimism driving up the share price in after hours. I expect the stock will come back down to earth in the coming weeks.