I doubt you short at this point. Stock down from 18 a share to below 5.00. Time to close out position with a huge profit. Shorting at this point is just stupid. Big boys that were shorting are closing out positions and reversing to possible long positions.
stock is oversold. dilution is priced in at this point. Interesting to the see all the end is coming talk. I don't see this stock above 16 for a very very time but seen this before in other pharm stocks. 25 a share was stupid and under 5.00 is stupid. Would not be surprised to see this over 6 or 7 near end of this year.
I like to sell covered call also for the extra income but have a hard rule on when NOT to sell them. I bought a lot of shares near 4.20 average early this year after being out of PGH for near five years. The NAV is like 8.60 a share? I don't want to give away my shares cheap and like to see a 50% min move up ( We have done that ) and where are we techn? ( We have broken out and the stock will flip from being near a 52 week low to a 52 week high over the next month.). IF you re ok with selling at 7.00 then fine. I am not and looking for 8.00 or even 9.00 here. What would happen if PGH raised the div from .04 to .05 per month? What if the put 1 billion into buying back shares? or both? We would go over 8.00 in a month. Someone has been BUYING a lot of PGH and we are doing better then other Canadian Oil-NG stocks. I figure I wait till 3QRT report is out and this will show a lot on where 2014 will be. ALOT of the weakness early this year was a belief that Lindbergh but need more capital and thus debt, more stock issue ( dilution) or another cut in the div. At this point I would only sell short duration covered calls ( 90 days) and we could go to 8-9 in the spring.