Avid Bioservices Inc (CDMO)

[skweze]

I wonder what the extent of beneficial ownership actually is and how many share sit in MM inventories or get traded back and forth as phantom shares. HFT guys can churn the hell out of a stock for spreads and rebates causing high volume with little interaction of "natural" buyers. Not sure if this fits the pattern on the large PPHM volume days. It seems like the computers would hold a tighter range through the volume, but I don't have an trained eye to spot all the possible HFT shenanigans.

2) Large volume is relative. If the volume is composed of a lot of Box (bot) volume then it isn't real "owner-shares-changed-hands" volume. I'd be certainly willing to follow that theory because as you pointed out yourself your PPHMP hedging technique has a 8.33x700K = 5.831.000 shares limit so they can only be part of the 40Milj volume for that match and only the day we were above 3$.