NanoViricides Inc. (NNVC)

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CHANGE IN SHORT POSITION

For small and micro-cap stocks a rise in short-interest is somewhat predictive of poor stock performance over the next 6 months. Strangely, a fall in short-interest does not show this effect.

The absolute level of the short-interest compared to average trading volume (Days to Cover) is a useful indicator based on short-interest. The relative level (cross-sectional rank) is the most potent. The data presented by Straynut gives us days to cover at 49 which is substantial. What we don't know is how 49 compares with the universe of small and micro-cap stocks. I suspect it's pretty high, but that's just a hunch.

Where this would be a potent bullish force would be if NNVC were to report progress the market regards as material and substantial. The lack of a CEO letter suggests to me that is not on the horizon. I am quite confident that if Gene had anything to show he would be buying a full page ad in the NY Times.

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