Jack, I'm personally not dwelling much on the level of S.I. because it was high heading into the FDA edict and MOST if not all had a pretty good handle on the outcome (the original VRBPAC rec was back in Nov I believe) so needless to say, good move by those short.
To clarify what you have posted to the MB you need look no further than the beginning and end date of the most recent reporting period. Obviously, the modest addition of shares short were positioned just ahead of the PR prior to 6/07 and that makes sense. Certainly, no covering going into the call and also obviously, little to no covering in the midst of the "still in progress" sell-off 6/14.
What about now though Jack? The complexion could be changing drastically right "under the radar". Today for example, 2 spurts of large blocks sold "but to whom? The PPS barely budges on 250K and later in the day 485K. Whom pray tell picked them up? S.I. perhaps?
It may not seem all that fair that shares sold in smaller quantities get stockpiled and then released to cover positions but thats the way it goes sometimes. Single file unwinding of winning positions because there is no news as of yet that would trigger a major scramble to collect shares that are much more valuable than the market mechanisms at work are advertising.
My guess SI would be up as of today,it's the tool used to shake out shares.
They can cover along the way or there might be a team of MM's selling and buying back and forth to shake it up. Machines in full tilt to acquire shares on the cheap. Someone posted the float has dropped to 5% or less, If accurate could be a new player taking a large position or a current fund upsizing/averaging it's holding. Most likely we will find out it's the MotherShip selling shares to survive. Those large sells yesterday were at the Bid
on 6/14 we were tradin in the 1.15 - 1.18 range on much higher volume than the past few days. I'd say short interest has dropped of, in the matter of fact I will be able to confirm this tonite. (will post data) Otherwise, average days to cover 3.3 days.