Shares of the biotech company BioCryst soared today, ending the session up more than 39% at $11.85 a share.
This, after an army of online traders declared BioCryst Pharmaceuticals to be the latest company in need of “saving” from the shorts. In a self-declared “#BioWar,” retail investors poured into shares after a reddit chatroom post on WallStreetBets declared the company to be the “most undervalued stock in the market.”
The GameStop phenomenon has been a major lesson for short sellers and could likely increase of the cost of hedging in the future as shorts consider greater risks.
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