I disagree, a good portion of the current shorts, at best, initiated positions into the run on 5/8 and have a basis between 5.24-6.65. Others on the next day when ALXA traded between 4.80-5.20. Many of these shorts have earlier covered, I was short and covered before going long, and others shorted below 4.80 afterwards or at some earlier date and have a low basis. Today's move must be a combo of short covering and longs and any close above 5.20, especially given today's relatively high volume will trigger more shorts running for the exits. There were 3.23 million shares sold short as of 7/15's reporting. Getting out into a run can be very painful, especially one on no new news. One's first loss is always one's best loss.