The huge $13M plus volume last Thursday suggests to me the ATM was likely maxed. I don’t think large holders of the stock would have sold on the Nasdaq on the assumption that they likely are likely holding with higher average cost. As someone else has already pointed out a lot of new retailers and even new institutions likely got caught in the upward movement on Friday and when the price plateaued these same day traders could not get fast enough and now are likely facing margin call and must sell. In normal times Kazia does not generate significant volume even on the Nasdaq and this I believe is causing this meltdown. Pure Speculation so interested in others views.
KZA Price at posting:
65.5¢ Sentiment: None Disclosure: Held
