NorthWest Biotherapeutics Inc (NWBO)

[skitahoe]

I believe all Institutions have charters that indicate where they're supposed to invest. I believe that some aren't restricted by the exchange, but are restricted on price. Few can invest below $4 or $5, but there are OTC stocks at those prices. There are probably a few Institutions who can invest now, but very few. Meanwhile, Institutions buying at or after the first of a quarter, and selling out before the end of a quarter routinely invest in companies that have nothing to do with their charter.

The best scenario for say a biotech charter that's not supposed to invest below $5 would be investing in a company like NWBO in the beginning of a quarter, and having the company exceed the $5 level during the quarter, they could book a major gain and keep the stock in their portfolio. That's the only way it would be seen there.

If they ever wanted to change things they could, electronically every Institutional buy or sale could appear, but by law they don't, and when they do have to report it's half way through the quarter following the one they were reporting on. If in the next quarter NWBO went above say $5 and had substantial Institutional buyers who kept it into the third quarter, it would be mid-August before we knew it.

Gary