Avid Bioservices Inc (CDMO)

[keep_trying]

CP, could the block at $2 be related to efforts to cover short interest before there is a run up in pps that reflects the value of PPHM's announced SUNRISE trial start and fast track status being granted by the FDA? I recall that the cycle up in short interest over the last year was associated with the pps being walked down from around the $2 level, so residual short positions would be, in the aggregate, seeking to prevent losses in "on paper' profits that might have been locked in by shorting PPHM over the last year.

I always find it interesting how short interest tends to drop in advance of news that drives pps changes, but it does what it does. Short interest is about half of what it was about three months ago, but is still perhaps 5 million shares above the floor levels of less than 3 to 4 million shares that I have observed in past years when PPHM's outlook appeared bullish.

I copied in the latest short interest from NASDAQ for future reference that support my observations.

Best wishes and IMO.
KT

Settlement Date Short Interest Avg Daily Share Volume Days To Cover
12/13/2013 8,661,584 1,134,876 7.632185
11/29/2013 9,413,042 1,016,454 9.260667
11/15/2013 9,854,527 1,190,725 8.276073
10/31/2013 9,751,269 1,337,858 7.288717
10/15/2013 10,132,721 1,396,924 7.253595
9/30/2013 15,547,091 746,493 20.826841
9/13/2013 15,681,288 1,288,033 12.174601
8/30/2013 16,107,814 717,696 22.443784
8/15/2013 16,357,614 1,086,600 15.053943
7/31/2013 16,783,378 1,359,808 12.342462
7/15/2013 17,829,059 1,765,362 10.099378
6/28/2013 12,882,529 4,112,951 3.132186
6/14/2013 11,848,918 2,751,147 4.306901
5/31/2013 10,936,051 4,552,703 2.402101
5/15/2013 11,068,278 1,659,755 6.668622
4/30/2013 11,556,843 1,929,305 5.990159
4/15/2013 11,988,907 1,772,410 6.764184
3/28/2013 12,534,714 1,498,119 8.366968
3/15/2013 12,854,250 3,297,431 3.898262
2/28/2013 12,700,807 4,096,673 3.100274
2/15/2013 11,006,470 5,694,878 1.932696
1/31/2013 8,718,070 3,032,788 2.874606
1/15/2013 8,235,468 13,452,752 1.000000

Read more: http://www.nasdaq.com/symbol/pphm/short-interest#ixzz2pdI9C5a8