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Biotech / Medical : Zonagen (zona) - good buy?
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To: Mkilloran who wrote (6607)5/10/1999 5:57:00 PM
From: Bill Wexler  Read Replies (2) of 7041
 
Whenever there's a "big event" I always find it prudent to take some money off the table. I covered a big chunk of my position today - despite the fact that I'm firmly convinced the stock is worth much less and will eventually trade lower. (I can assure you that many short-sellers were thinking the same thing. The victims of this fraud can thank us for preventing a complete crash).

The outstanding short position remains very large, and that in itself will cause some volatility. There may be another opportunity to reshort at higher prices. Also don't forget that you are dealing with liars who have a track record of saying and doing anything to artificially inflate the price. It seems to me that today's gymnastics were deliberately designed to soften the blow of what would have been an outright rejection by the FDA.

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