Agouron Pharmaceuticals (AGPH) Message Board

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Biotech / Medical : Agouron Pharmaceuticals (AGPH)

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To: margie who wrote (713)	5/9/1997 12:59:00 PM
From: Bhag Karamchandani	of 6136

An addendum to my earlier comments: The premise that short interest "does indeed convey negative information", as the Barron's article suggests, is also questionable because it assumes that all short selling is information /efficiency based. As we know, Market Makers or individual investors can determine a stock to be overbought and short sell it. Having done so, if they aretake positions on the 'wrong' side of such transactions is it unlikely that some of them would resort to manipulation to drive the price down to cover their short positions. Of course, the reverse would apply to those taking long positions- which is not the case with AGPH given its price decline. On the other hand, if there is 'negative information' about AGPH it means there are seven independent brokerage houses and analysts in collusion with AGPH to consistently recommend AGPH as a 'strong buy' despite it. Alternatively, AGPH may be guilty of insider information violations since it has released nothing negative about itself to its shareholders or analysts. Both appear to be highly unlikely unlikely scenarios. We can draw our own conclusions.

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