Short interest came out yesterday and there was a jump of 572,274 shares from March 15th to April 15th. There are now 2,461,753 shares short. In the absence of heavy buying interest, 572,000 shares sold short could explain the almost seven point drop in that period.
Since April 15th, Zona is up 2 1/4 points.
Linda, as a holder of a short position in Zona, what would be your inclination if within the next few months, there was some significant buying in anticipation of FDA approval? As we have seen many times, Zona can make big moves on relatively small volume. Would you short more(assuming you could get some) in the face of a rally; cover and wait for the stock to go higher and then get back in; or hunker down and hold your position?
Maybe this is wishful thinking, but it seems to me the stock is showing signs of strength. Perhaps another retest of the resistance at 25? I for one would like to see a higher trading range.
Good luck,
Bruce |
