Agouron Pharmaceuticals (AGPH) Message Board

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Biotech / Medical : Agouron Pharmaceuticals (AGPH)

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To: per strandberg who wrote (700)	5/6/1997 12:09:00 AM
From: John Metcalf	of 6136

Per, I think that poster was referring to the high short interest ratio in Agouron. Following approval, the stock declined from near $100 to the low sixties, with short sellers climbing on and accelerating the decline. At last report (mid April), short interest was 14% of the shares outstanding. This does not suggest dishonesty to me, but simply momentum players seizing the opportunity to make money in a stock with a small float (14.6mm shares after the Allanex acquisition). Long-term holders should be cheering that the same illiquidity that made the decline so steep is also making the recovery near vertical. AGPH is up $14 in a week, no doubt accelerated by short covering.

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