A short-term trading idea for peregrine Pharma

Peregrine looks to be setting up for a nice trade. If the PPS does get to and sees support at ~$1.60 area, we could see a pretty quick move back to ~$1.91 area. Peregrine has seen a big increase in short interest in the last couple months.(8,852,918 reported Jan 15 / 2014 & 15,974,009 reported Apr 30 / 2014.
As with ALL biopharmaceutical companies, Peregrine moves with news and that would render his technical analysis useless. Lots of risk here so do your proper diligence study.
Happy trading folks.