The downside of being a common shareholder is manifesting itself in KaloBios Pharma (KBIO) shares, and when the company is officially delisted the common shareholders will get zero. Let me say that again. The common shareholder will get zero. Now if you think people are pissed off now, just wait. The games played by Martin Shkreli as CEO of KaloBios have left these common shareholders holding the bag. The most hated man in America seems to be in a death spiral of major proportions.
So lets recap the trading activity in common shares in KBIO. On November 14th shares were $2, on November 23rd they were $45 and today they are worth zero. So essentially you had 200 million of valuation disappear into thin air. The perils of trading Biotech and Life Science stocks are evident, and this is a lesson to observe.
Hopefully for many of you it was from the grandstands, not from the field. This was a total disaster and the lawsuits to follow will be long and arduous. Martin Shkreli is the Steve Bartman of Investing, and hopefully they will both walk off into the sunset never to be heard from again.
KaloBios Pharmaceuticals, Inc., a biopharmaceutical company, develops monoclonal antibody therapeutics for the treatment of cancer in the United States. The companys product candidates include KB004, which is in a Phase II clinical trial for the treatment of myelodysplastic syndrome and myelofibrosis; and KB003 that completed Phase II clinical trial to treat chronic myelomonocytic leukemia, an orphan oncology indication. KaloBios Pharmaceuticals, Inc. was founded in 2000 and is headquartered in South San Francisco, California.
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