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Exelixis, Inc. Message Board

  • wildbiftek wildbiftek Mar 5, 2013 11:58 AM Flag

    $5.31

    The shorts who do have to cover will probably do so with their secondary shares purchased at $4.25; it's no sweat off their backs and there won't necessarily be additional buying associated with these covers. It looks like there are very few non-institutional investors left though so any additional shorting will not cause these panicked jumps downward anymore.

    I think the price of the stock should head up somewhere above the $5.31 convertible point of the notes issued, at which point institutional redemption above that price and subsequent selling will weigh on the stock. It will give EXEL a still better cash position when that flows in though.

 
EXEL
4.33-0.34(-7.28%)May 4 4:00 PMEDT