could someone explain, why there is such a hugh short interest in this stock? I do realize that it traded as high as 20 last year, but down here at 2 an change , does anyone think that this could be taken out, or is it going to zero? any thoughts I would apperciate them, ty
On October 25, 2010, before the market opened, Savient announced that it had put itself up for sale but that no offers materialized. Because of this the stock gapped down from $22 to $12. http://investor.savient.com/releasedetail.cfm?ReleaseID=522408 Since Savient had no significant revenues and was running low on cash the shorts piled in. Since then, Savient raised capital and is launching KRYSTEXXA. Because of these developments the short play is over.