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Biotech / Medical : GUMM - Eliminate the Common Cold
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To: Linda Kaplan who wrote (549)5/7/1999 3:57:00 PM
From: DanZ  Read Replies (1) of 5582
 
I have been posting more on Yahoo than Silicon Investor lately so I thought that I'd post here for a change. I want to share my observations of today's trading. I have Level II and can see what each market maker is doing. GunnAllen (GNLN) is the only market maker at 9 11/16 and they have bought a large amount of stock while showing a size of only 100. There are three market makers on the bid at 9 5/8 and I'm going to guess that GNLN is content paying a little more for the stock since they don't have any competition at that price.

I think many investors do not understand the significance of the announcement yesterday and are selling because the stock did not pop on the news. The stock should move up after the financing with Citadel is completed and I'm not surprised that it didn't move up on yesterday's announcement. The operating agreement that was signed with Biodelivery Technologies was likely a necessary step before they can get to that point.

GunnAllen clients own a large amount of GUMM (~65%) and they are very smart when it comes to this company. The fact that they are sitting on the bid at 9 11/16 and buying tens of thousands of shares while only showing a size of 100 is a clue that something is imminent. They are sitting on the bid for a reason.

Dan
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