A big year for pharmaceuticals, 2020 has more surprises in store for Ampio Pharmaceuticals (AMPE, $2.30). A January 2021 $2.00 call implies a high volatility, which points to a possible near future sell-off, which would lead to the price falling. The stock rose 200% in the last month, leading to an absolute maximum of $2.41 last week. This surge followed an announcement of Ampio’s new COVID 19 treatment successfully moving toward a Phase 2 clinical trial after the Safety Monitoring Committee gave it the green light. Although the stock showed incredible results from December 20, 2019 to December 20, 2020 with a $2.30 (+370.77%) surge in price, a huge 6.613M (+312.41%) rise is volume, and an impressive $445.98M (+476.66%) change in market capitalization, the jury is still out. Technical indicators seem to suggest a short-term uptrend while fundamental ratings foreshadow a serious downtrend in the future. Certainly supporting the latter is Ampio’s notable price-to-book ratio: an inflated whopping 41.33, (+158.56% change since December 2019), indicating the company might be heavily overvalued. A very volatile stock, predictions on Ampio are to be watched carefully.