As you all likely know by now, shares of KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) have been halted by the NASDAQ folowing the news that the company’s 32-year-old CEO Martin Shkreli had been arrest on fraud charges. Prior to the shares being halted, the stock traded down over 50%, causing panic by those who may have bought shares much higher on hopes of Shkreli turning things around.
Now that Shkreli has been released on $5 million bond, investors of KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) are wondering when the NASDAQ will lift the halt, which is now going into its second trading day. While the exact information requested by NASDAQ has not been publicly stated, it’s clear to us that there is likely a pile documents that will need to be proven and turned over before shares begin trading once more. In all likelihood the halt will at least last for the remainder of this week, and perhaps part of next week, depending on just how quickly the company and Shkreli are able to turn things over. It will then be up to NASDAQ to decide if the information request satisfies their concerns.
The stock closed at $23.59 during the last trading session. It is up 4618.00% since May 15, 2015 and is uptrending. It has outperformed the S&P500 by 4620.26%.
KaloBios Pharmaceuticals, Inc. is a biopharmaceutical company. The company has a market cap of $97.28 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.