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Biotech / Medical : Vivus, Why the Slide?
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To: RT who wrote (3693)9/22/1997 12:21:00 AM
From: Louis Riley   of 3991
 
RT,

Most services (Investor's Business Daily, for instance) report the "float" as the number of shares outstanding that are not held by management.

A more precise number might be obtained by determining the number of shares held by all insiders (management, affiliates, and other "control persons" as defined by SEC Rule 144) that are subject to registration and sale under Rule 144. One should also subtract from the float any shares subject to "lockup" provisions (typically stipulated after an IPO). Moreover, one might subtract any shares held in employee benefit plans.

In reality, the true float may even be smaller than determined by the above methods. If one were able to ascertain how much of the stock is held by institutions (easily done by reviewing 13F filings) that may have a long term investment horizon, one could subtract that number from the float as well, Of course, it is impossible to definitively state that a particular institution wouldn't sell at some price, so such a calculation is impractical.
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