BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) is on fire with cancer and oncology stocks. Shares are up 39% at $1.03 on what most investors would just assume is a takeover. This is seeing a very heavy amount of chats and tweets today. Seeking Alpha’s headline calling it a double has probably only added in more fuel to the fire under the stock today. The question to ask is whether or not this rally is sustainable.
Shares are up 32% at $0.98 and there has been 4-times normal volume of 21 million shares with an hour left until the market closing bell coming at 4 PM EST.
It is a bit odd that a shareholder class action suit is one of the most recent headlines on the stock and that was after the drop went from $2.50 to $0.50 in December. These snap back rallies happen, but the move makes little sense on the surface.
This is on a day when Dendreon Corporation (NASDAQ: DNDN) is up 18% at $16.72 on 3-times normal volume.
JON C. OGG
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