Biotech Lock-Up Expiration Hell Portfolio Message Board

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Biotech / Medical : Biotech Lock-Up Expiration Hell Portfolio

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To: tuck who wrote (259)	7/13/2001 8:21:19 PM
From: hmpa	Read Replies (1) of 1005

tuck, these were the (post factum) obvious signs on EXAS: - from 6/29 to 7/5 the stock saw 5 trading days out of 11 (from 4/13) with >100K volume; 3 out of 4 with >200K; and 2 out of 2 with >300K - despite huge volume on Russell buying night, no meaningful price increase This is my speculation: - knowing the stock is [very]likely to go down in less than a month, MM and hedgies satisfied all/most of the Russell demand for stock by selling it short - Knowing [...] the venture capital funds which plan to sell at the unlock time shorted it now locking in selling price pretty close to IPO. Since I think they can't sell short against the box, they had to borrow other stock, thus depleting supply.

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