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AFFY) is seeing surprising trading volume on the Nasdaq today for a third session in a row. The sudden spike in the biopharmaceutical firm surrounds earnings -- not the numbers per se but the comments made by management during the earnings call. Speculators think that those comments could bode well for AFFY's diabetes drug, but the rumors are still very much just that.
Between hints at bankruptcy and management opting to fire themselves, AFFY has been in freefall in 2013. Even though the stock has more than doubled this week, it's still down 90% on the year. And at this point, headline risk is still far too high to consider this stock a high-probability trade.
If you've got skin in the game and want to speculate on AFFY's fortunes, that's one thing. Buying because of this week's price action alone would be a mistake.
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