Pathogenesis(pgns) Message Board

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Biotech / Medical : Pathogenesis(pgns)

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To: LLCF who wrote (165)	3/23/1999 10:33:00 PM
From: Dave Twibell	Read Replies (1) of 228

David, not to get into a pissing match here, but afterhours trades going off at 12 3/8 following a close at 3/16 are significant. The morning opening price will be determined by the number of market buy orders placed tonight and the willingness of market makers to cover whatever outstanding short positions they carried over from this afternoon. Trades above the close in aftermarket show strengh and will encourage more market buys and covering. Does that mean we'll be up tommorrow? No. But it does mean we should open higher than we closed, which is important for many who have taken short term positions after the carnage. As for the definition of a "gap" - there is none. If your understanding of the term means "dollars away from last sale" great. I can tell you I trade stocks for a living and that is not how most people I know use the term, but whatever. As for the relationship between the institutions and the company, I agree completely. They were clearly blindsided and are very angry. It will be quite awhile before they come back with any sustained long-term buying interest in my opinion. For now, this stock will be dominated by short term traders, both large and small, looking for a small rebound. Dave

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