KaloBios Pharmaceuticals (KBIO) Shares Plunge as CEO Martin Shkreli is Arrested For Securities Fraud

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Shares of KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) are down over 50% in pre-market trading this morning as their savior CEO Martin Shkreli was arrested on securities fraud. Shkreli, entered the media spotlight after he jacked up the price of a popular HIV drug from $13.50 to $750 a pill. Authorities say that Shkreli illegally took stock from a company he started in 2011, Retrophin Inc., and used the proceeds to pay off debts from unrelated business dealings.

KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) shares rose as much as 4,000% late last month after Shkreli purchased majority ownership, reaching as high as $45.82 before dropping back down to the $20-$30 range. It will be interesting to see how this stock trades over the remainder of the day. The stock decreased 5.09% or $1.26 during the last trading session, hitting $23.59. Approximately 12,858 shares traded hands. KBIO shares have risen 4814.58% since May 14, 2015 and are currently uptrending. It has outperformed the S&P500 by 4818.26%.

KaloBios Pharmaceuticals, Inc. is a biopharmaceutical company. The company has a market cap of $102.50 million. The Firm is focused on the development of monoclonal antibody therapeutics for diseases that represent a burden to society and to patients and their families. It currently has negative earnings. The Firm operates through the development of pharmaceutical products segment.

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