In an announcement to the Tel Aviv Stock Exchange published by Reuters on February 26, 1998, Israel Chemicals Ltd. said it held 195,000 shares of SuperGen common stock. SuperGen today reiterated its previous announcement of February 25, 1998 that Israel Chemicals Ltd. no longer owns any shares of SuperGen common stock. This is good news. This one is rated a buy by everyone but nobody sems to be taking their own advice.
SuperGen has been under accumulation since Israel Chem dumped their stocks. I base this on having watched it every day in the Investor's Business Daily. They rate the stock each day, based on a score of A-E, C representing neutral, D-E being distribution, and A-B representing accumulation.
Since Israel Chem's big dump, SUPG has sat at a steady "B" I believe resistance at $14 is due to the dilutive effect of the dump. Accumulation is still underway, I believe, due to the high short interest SUPG had (over 1M shares that had to cover) when it started to climb after the dump.
Barring the dump, a much nicer short squeeze play would have developed for anybody who picked SUPG up under 13.