Total Short Volume (Shorting/Covering) for the day was 736,610 on 2.562,600 volume.
Roughly 29% of all daily volume was short interest. Being that Market Makers consist of 22-26% of daily short volume, as they short and cover to make a market, it is very safe to say that actual shorting of PGNX by retail traders was minimal and not at all a factor in PGNX finishing down.
Today's movement was about Investors taking profits from yesterday's news as well as selling on a day when all biotechs, small caps and the Nasdaq were down.
All and all, today was a great trading day. Many that sold into the news yesterday were able to buy back in at fantastic low prices. Good job to all of you for reading that read and made the correct play. Also, the the good thing about today being a down day, was that we filled the gap. It makes it so much easier to bounce back up.
You are missing the point. The purpose of the post is to show why we the pps is going down and why it will go up in the future. Its basic profit taking and general market activity. It has nothing to do with the anemic number of short sellers.
The stock is going to be volatile for the remainder of the week. Down swings and up swings as investors do their thing. That makes for a day trader's dream. Lots of opportunities to buy low and sell high, until the volatility evens out, so to speak.