Sorry, somehow hit the wrong label.
Just a comment on some of the last 70 posts, I agree with the poster who indicates the market doesn't believe in an approval in the near term. However I'd add to that that over 99% of investors have never heard of NWBO. What do you think will happen on approval if just 5 to 10% of the market hears of DCVax-L's approval? How high might UP be?
I'd also note that NWBO is on the OTC, it's not a Pink, there is a difference.
I also agree the MM's create a naked short by moving shares from one to another and they can do it almost infinitely. When they go further short by selling these shares to a legitimate buyer, they do have to make the buyer whole. The broker the buyer purchased through doesn't know the shares were naked in the first place, so if the buyer lends shares to gain interest, or the brokerage has the right to sell his shares because he has a margin position in the account, those naked shares could very well create additional naked shares. I really question if anyone really knows how many shares are naked until the stock makes a major move up, margin calls hit, and those naked must close out their positions. I suppose even then the MM's can keep a fair number floating between them, that's the business they're in.
As the price moves up, and the MM's Institutional customers want to purchase major positions, they'll want to accumulate shares to meet their demand, but also may go short to keep their Institutional customers happy. When a company moves onto a Russell index, etc. the MM's often accumulate millions of shares and all Institutional shares are acquired after hours on the day the Russell changes are made. A substantial short position often occurs at this point as well. In one case I saw a large short position maintained for two years until the company was removed from the Russell index, the MM's can play games like that.
When the Institutions want to establish a big position the MM's will also approach the company encouraging them to do an offering that's fully subscribed by the time it's announced, the instant infusion of cash is often something they won't turn down while putting shares into Institutional hands, where they like to have them. Much of the growth in Institutional ownership will come from such offerings.
Gary
Bullish
