Another earnings short-squeeze play in the biotechnology and drugs complex is Siga Technologies ( SIGA), which is set to release numbers on Thursday after the market close. This company develops products for the prevention and treatment of serious infectious diseases, including products for use in defense against biological warfare agents such as smallpox and arena viruses. Wall Street analysts, on average, expect Siga Technologies to report revenue of $20.93 million on earnings of 25 cents per share. The current short interest as a percentage of the float for Siga Technologies is extremely high at 21.6%. That means that out of the 37.32 million shares in the tradable float, 8.07 million are sold short by the bears. The bears have also been increasing their bets from the last reporting period by 5.5%, or by about 421,000 shares. >>6 Drug Stocks Unworthy of Biotech Bull Market From a technical perspective, SIGA is currently trading above both its 50-day moving average and below its 200-day moving average, which is neutral trendwise. This stock bottomed back in December at $1.78 and subsequently soared to a recent high of $3.89 a share. Since tapping that high, SIGA has pulled back right to its 50-day moving average of $2.95 a share. If you're bullish on SIGA, I would wait until after its report and look for long-biased trades as long as it doesn't violate its 50-day moving average with heavy volume. Some near-term support sits right below its 50-day at $2.86, so I wouldn't want to see that level breached with volume after earnings. I would look for long trades if that level holds, and then SIGA takes out some near-term overhead resistance at $3.26 with volume. Look for volume that's tracking in close to or above its three-month average volume of 578,481 shares. If we get that action, I would target a run back toward that recent high of $3.89 a share, or possibly much higher. I would simply avoid any long-biased trades in SIGA altogether if this stock takes out its 50-day and that near-term support at $2.86 with big volume. A move below that level with volume after its report could send this stock down toward $2.50 or lower if the bears hammer this stock.