Navidea Biopharmaceuticals Inc (NAVB)

[42Delta]

Recent selling...While we 've all been busy watching the Crede conversion, PM converted another 13.6M shares to common since Jan 1st. As of 2/28 they reported holding 14.1M common which is just below the new 10% limit (based on 148M common now outstanding). As of 12/31 they held 10.3M common. Those new conversions result in net selling of at least 9.8M shares since January. In other terms their total holdings including P-shares has reduced from 35M in January to 25M as of Feb. 28th. They may have continued selling off in the first 2 weeks of March, however this may not be revealed until the Q1 reports are out. Normally that much sell pressure would shock the SP more than we've seen, suggesting other buyers have off-set them. BOL