Given Tang's cessation of selling I am surprised that the short interest has pushed back up. The 30% increase is considerable in this context, and it still looks like the MM is still loving the undercutting of given Asks by a hundreth or so just before there are puchases of decent sized lots--even in this much slower trading phase-- hence limiting or negating the upside of incoming buys. So, with 4.3 M short shares as of June 30, the "smart" money ( and those who pay our resident basher aliases Avi and Mckiddn) still see ( and are determined to effect) further downside. But, with Tang having sold his converted preferred position and with the possibility of positive preliminary trial results PR as well as a consummation of another licensing deal or two--albeit perhaps only modest in size or significance at this stage--I think that the short "smart" money is playing with fire at this juncture. As such, here I think the rise in short positions is indeed a contrary indicator and longs' benefit from positive news will indeed be magnified as shorts will cover. That said, of course there is always the possibility of disappointing trial results as well as an inability to culminate ongoing licensing conversations and negotiations. But assessing all the above, I'd rather be long than short at this point, especially given the present low-volume "pre-news" environment.
RXI Pharmaceuticals Corporation (NASDAQ:RXII) has shown a rise of 29.9% or 982,926 shares in the short positions. The bets have increased to 4,274,961 shares on June 30,2015 from 3,292,035 shares on June 15,2015. With respect to the floated shares, the shorts are 8%. The sharess days to cover are calculated to be 2, using the standard per day volume of 2,335,356 shares. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on July 10th.