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Biotech / Medical : Genta, Inc. (GNTA)
GNTA 2.300+0.4%Nov 7 9:30 AM EST
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To: John Nobrega who started this subject3/30/2004 12:36:35 PM
From: bob zagorin  Read Replies (1) of 1870
 
Schaeffer's Option Activity Watch:

1. Pessimism has been on the rise toward biopharmaceutical company Genta (Nasdaq:GNTA). The options crowd added 10,674 put contracts (bearish bets) at the security's May 10 strike, bringing open interest (existing positions) to 28,844. This bearish activity has pushed GNTA's Schaeffer's put/call open interest above 96 percent of all such readings taken over the past year. (High SOIRs typically indicate extreme levels of investor pessimism.) What's more, short interest increased by two percent over the past month to almost 12 million shares. Furthermore, these short positions account for more than 26 percent of the stock's total float, according to Yahoo!Finance. Investors would now have a whopping 10.47 days to cover these positions, increasing the likelihood of GNTA benefiting from a short-covering rally. Wall Street has largely ignored the security, offering up only four ratings on the stock. Any additional covering from this group could boost GNTA higher. Technically speaking, the stock is rebounding off key support in the 9-9.50 area - a level the stock has not closed a week below since May 2003. A move higher off this level could spark an unwinding of bearish sentiment and send the shares sharply higher.

Click the following link to see the Weekly Chart of GNTA since February 2003: schaeffersresearch.com.
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