This stock is up more than 1,000% in the past 3 days

(CNNMoney)You've probably never heard of Aquinox Pharmaceuticals, a tiny biotech based in Vancouver. 

But the stock is the new favorite plaything of day traders. They've been batting it around back and forth like a bunch of kittens with a ball of yarn.

Shares were trading for less than $2 on Friday. They closed on Tuesday at about $21 -- a staggering gain of nearly 1,100%. 

Aquinox actually went as high as $55.75 at one point Monday. At that point, the gain since Friday was 30,000%!

But on Tuesday, the shares fell as much as 18% at one point before staging a huge comeback in the last half hour of trading to finish the day up 11%. 

What the heck is going on? Aquinox was not immediately available for comment.

The stock first exploded Friday after Aquinox announced favorable test results after the closing bell Thursday for its AQX-1125 drug, developed to treat bladder pain.

I think the market at some point in time will wake up to the huge potential if and when we get a successful FA and going forward with other indications