Avid Bioservices Inc (CDMO)

[Protector]

No they are not.

It is one of the ways to close positions without pushing the PPS up or down (depending on what you are doing).

It exploits a weakness of algorithmic trading systems that are also trading. They are on the inside of the MM's (MM on the far ask and the far bid). That is why they can do what they do.

So if you sell/buy small amounts they will fill you otherwise the MM risks to move to make market. Normally they'll try to move you 1 cent in the direction of your order (Bid = 1 cent above, Ask = 1 cent under).

So in the process they 'slip' a cent. brokers are not very happy with that because before THEY slipped that cent away if they could :) It was even called 'slippage' and with some brokers could be up to 5 cent.

So it if Friday and many short positions will close. So they need to buy without pushing the pps up to much.