Check symbol PBYI, had good results on a trial for breast cancer. Someone posted it earlier and sounds as good a reason as any. I do not see any other news.
•Manner of purchase: The issuer or affiliate must purchase all shares from a single broker or deal during a single day.
•Timing: An issuer with an average trading volume less than $1 million per day or a public float value below $150 million is unable to trade within the last 30 minutes of trading. Companies with higher average-trading-volume or public float value can trade up until the last 10 minutes.
•Price: The issuer must repurchase at a price that does not exceed the highest independent bid or the last transaction price quoted.
•Volume: The issuer can't purchase more than 25% of the average daily volume.
I believe you are right about the last 10 day volume average, so your point is taken, this volume was not the company.
As of the last report (June 30) the short interest was the lowest it has been since back in February. Roughly 5 million shares covered in two week from June 13. A quick glance at Stock Analytics shows a lack of heavy shorting since that last report (Stock Analytics might not be accurate but I have to believe the method used is consistent each day so it is what I go by) and IMO indicates shorty is still trying to leave the position and only shorting enough to hold the price down as they exit. IMO The Street and Adam are on a payroll to bash the stock for a short and any positive news (regardless of the extent) must be answered, thus the article.
Just speculation on my part, but what the heck I was late to the party here and my risk all the way to zero will not cost any sleep, while the reward side of the equation could move the needle a bit.
GLTU and all the longs.
Over 5K Sept $4 calls bought at the ask for $.30 cents. A short hedging or someone bullish I will not guess, but I hope it is someone bullish on the stock from the long side.
Fair enough, and besides it is your money. I probably in hindsight should not have posted at all, just did not want to see anyone panic before thinking it through and you obviously have a thesis you have planned out.
Might depend on the owner's original pricing, but I suspect you are right it would have to be 7 or 8 and there are a lot of puts at 7, so anything under 8 would likely do the trick to accomplish max pain.
They are wanting you to sell while they cover, which is exactly what they did for the last two weeks of June, too the tune of 5.2 million shares (new numbers are on nasdaq site). Really curious who sold them that many, it was not retail, but I have to give it to them as a quick look at the chart shows they held the price pretty much in a straight line while they bought that much stock up.
I have no read through the board today, so if anyone posted this, sorry for the repeat.
The article was in Ameritrade news and I pasted the whole article (not pumping the other stocks)
Top 4 NASDAQ Stocks In The Biotechnology Industry With The Lowest PEG Ratio
4:51a ET July 10, 2014 (Benzinga) Print
Below are the top biotechnology stocks on the NASDAQ in terms of PEG ratio.
Aratana Therapeutics (NASDAQ: PETX) has a PEG ratio of 0.30. Aratana Therapeutics' trailing-twelve-month revenue is $0.30 million.
Enzymotec (NASDAQ: ENZY) has a PEG ratio of 0.36. Enzymotec's trailing-twelve-month profit margin is 13.90%.
PDL BioPharma (NASDAQ: PDLI) has a PEG ratio of 0.39. PDL BioPharma's trailing-twelve-month EPS is $1.78.
Questcor Pharmaceuticals (NASDAQ: QCOR) has a PEG ratio of 0.61. Questcor's trailing-twelve-month ROE is 86.50%.
Feel sure you noticed the numbers from the cancelled deal and the refi announced last night, since both resulted in $350 million of extra operating cash. The new loan was at Libor + 2, so all the yapping on here about to much debt (the banks do not seem worried) and dividend cuts IMO is just as you posted, noise.
I did appreciate the cheap shares shorty sold me the other day. I hope they save up a little coin for the next dividend, as I suspect they will be shelling out about $1.03 per share.
I added a few shares today due to exactly what you posted.
The AH news about the $1.5 billion in cash might quite it down a little.
Guess we see tomorrow, but the dilution dream for the short side of the trade just went out the window and that $1.5 billion in cash might be a shot in the arm.
Can not disagree totally, especially concerning ramping up cost, but I did like when he said they could get Rochester's current stuff ramped without much additional cost. Or at least that is what I thought I heard.
While is might never come to anything at all, the Diamond Guard improvements got ignored during the call. That could be an out of the blue surprise at some point in the future at well to produce a little revenue.
My first thoughts are you might be right, but shorty has to know that any dip in price now will make the ability to cover more difficult, as longs will also be on the bid competing for shares, not to mention this kind of break through might attract more tutes.
I will not go into repeating what everyone else is correctly pointing out, excepting Hawthorne just blew all the short BS out of the water.
Congrats to those who held on, IMO the story might still take time to develop, but it sure looks a LOT more promising (more like not if, but when they start shipping product).
The CEO bought 100K shares at $3.07 on June 2nd.
Man learn to at least lie about stuff that can not be looked up with two clicks.
Sorry for the delay, have not been on all day.
I will pass on what I have read from other posters on various boards that made the most sense to me. Like yourself I really do not understand it very well.
I THINK the volume is what is reported from the different exchages as actual orders placed in one direction or the other. For I example I call up and tell my broker (or place the order myself via an on line broker) sell XXX shares NEON short at $X.XX, the same would take affect if I said buy at a certain price (I am guessing market price orders also count) and logic would tell me they only count if they execute. I do not think the HF Trading or market making churn during the day is counted (I could be VERY wrong on this point). I have no idea if options count.
Like yourself I would like to understand it better, but am not certain exactly how it works. I use it because however they are tracking it, I have to figure they are tracking it the same way each day, so it gives a guide.
Wish I could help more and I am certainly open to my explanation of the process being blown out of the water if someone knows more about the process than I do.
Good points IMO and you are right it certainly stinks, I know it happened so fast I made my first two buys (two separate accounts IRA and trading) as quickly as I could get the small orders in since I could not quickly find any news that would cause the drop and suspected a short attack (I got lucky). As for the fraud involved, they will get away with it IMO. I play a few heavily shorted stocks at a time, in small amounts, just to keep my interest up (divy and interest ho for the most part) so I see these type attacks on a regular basis unfortunately.
I wish I knew better how Stock Analytics reported, but I do not think the intra day shorting and covering gets reported, so the large blocks you refer to could have been used to start the panic (just a guess), then covered for a small profit. The big goal IMO was as you stated to get the price down and cover as much as they could between $3 and $4, as they may well have seen they were going to drive the price otherwise.
Thanks for taking the time to put this up.
I did add a little yesterday at $3.30, $3.25 and $3.05, the last buy was sweet, as I bought cheaper than the CEO did a couple of weeks ago. Anything can happen, but I suspect the CEO was not buying if all the things (or any) in the article yesterday are actually true (JMO of course). I know sometimes officers of companies will buy small amounts to try and stop the bleeding, but this buy by the CEO not only stopped it, the needle had begun to turn and the stock was up over 30% after he bought. The shorts could not let this happen, thus the article which had the exact affect they desired, again JMO.
I just checked Stock Analytics and that site, while it does not capture all the volume, shows only 19% of the volume yesterday was shorted. I suspect the article was published for covering purposes, once again just my opinion, but the stock was getting away from them when it came to covering on the cheap.
GLTU and all the longs and thanks again for putting up some stats on the author.