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Biotech / Medical : GUMM - Eliminate the Common Cold
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To: DanZ who wrote (3573)12/28/2000 10:15:20 AM
From: Eric Fader  Read Replies (2) of 5582
 
Dan, did you notice that interesting trade yesterday? A block of 53,100 shares printed at 6-13/16, the offer at the time. Now who would have $361,744 worth of GUMM (valued at these ridiculously depressed levels) to sell, and who would have the wherewithal to buy a chunk like that? Two possibilities come to mind:

1. A short-seller unwound his boxed position to get flat before month and year-end. The reported short interest increased a bit from 11/15 to 12/15, coinciding (of course) with the stock price drop from 12 to 6, but it seems to me that any short with a brain larger than his testicles would have wanted to cover (or box) in the 6-7 range, however testosterone-fueled his trading to that point may have been. And have you heard that certain accounts' trading records for certain days during that period may have been requested...? <VBG>

2. An owner of a large position (say, some account at Gunn Allen) sold a block to some other person or institutional entity that wanted a piece of it (say, Credit Suisse First Boston). Gee, what a surprise and coincidence it would be if yet another investment banking firm decided to take a position in the stock of a company that gave it a nice piece of business. So much for the "Chinese Wall."
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