Mr BOX after posting your message you must have called it a week but didn't realize that the NICE TRADE would have volume looking at 1.5 million in after hours. ONCE again i ask you why is it a nice trade when holders of 1.4m shares are willing to DUMP OGXI. Remember the small 7.90m float. I HOPE ITS TEVA buying all those shares from those abandoning the ship.
Block trades were all at a small premium to the closing price and I'll bet this was stock held by the MM's and maybe hedge funds bought at much lower prices. An opportunity to make a nice profit on a non liquid trading stock. Cash is KING in this Market......... Hell I got to buy shares @$12.22 last year
net plus/minus Fund addition numbers will tell all.
I looked at a different, randomly chosen biotech that was also added to the Russell 3000 today, Achillion Pharmaceuticals (ACHN). It also traded a multiple of its normal volume with a big spurt at the end of the session that didn't have a huge impact on the stock price:
From a quick glance at the Russell website, it appears that inclusion in an index is based mostly if not entirely on market cap. So it's no guarantee of a higher pps, especially if as Box said the market continues trending down, but it probably does result in wider institutional ownership as funds that track the indices buy in. All other things equal, I think that's a plus.
Mr box another way to look at this NICE TRADE.. 12% of the float was DUMPED today by a holder who was sick of this dead money trade or was willing to take a small profit from the secondary. Where did all those 990k shares come from we will find out in the next institutional reporting quarter...!!!!!
Mr box why was it a nice trade? OGXI float is 7.90m and insiders hold 25% if those figures from Yahoo are correct then this was NOT A NICE TRADE. Unless you can tell me where 900k shares sold came from. The purchase of 900k share of OGXI should have sent the stock much higher but someone was willing to dump bigtime. OGXI could not break above its current down trendline even with all this volumne and three movements from high to lows during the day. UNLESS TEVA was the buyer and wants to acquire OGXI this stock looks like it is headed lower and lower and lower and lower.
I think it had something to do with OGXI's being added to the Russell 3000 and Russell Global indices effective as of the market close today:
Funds that try to track the indices may have had to adjust their holdings by making last-minute block trades. I haven't checked whether other stocks that were added to or dropped from the indices had similar last-minute activity.