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Biotech / Medical : ORTC Ortec International

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To: Jake who wrote (50)	12/31/1997 6:12:00 PM
From: fut_trade	of 272

There was strong buying at the end of the day -- perhaps institutions beginning to load up for the new year? However, I'm not so convinced about the upward movement in stock price. For instance, let's say someone exercised 200,000 Class A Warrants yesterday just before close. The MM immediately drops the bid to buy those shares at the lowest possible price, $11. Now, if we are in a buyers market (very few sellers) the MM stands to gain by raising the ask price from $12 to $13+, thus making about 15% profit in one day. This is just speculation though. At any rate we consumed 20% of that 200,000 batch from yesterday. Once the rest of the batch is consumed, we will hopefully be in the 15s. Peter

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