Shorters continue to close out their short positions since the resumption of trading after the CR announcement on 16-Aug-2023, and why wouldn't they with the foresight of the CR terms and inevitable SP impacts, combined with 2-year share price lows and limited further SP downside available...
The CR and associated SPP has provided a golden opportunity for Shorters to lock in gains at time of SP lows after a protracted SP downtrend since Nov-2021, and before any renewed investment interest and prospective upturn in the Biotechnology indexes. Coupled with the near-term potential for positive news on the IMU clinical trials front, I believe Shorters would be taking significant risks maintaining open short positions at these prices at this time, and for not much further downside potential. IMO the reward-for-risk trade-off for Shorters is now highly diminished!
From the graph, the percentage of shorts / total shares has decreased from a peak of ~8.1% on 21-Aug to 4.7% on 30-Aug.
I suspect there will likely be more downward pressure on the SP and more short closures to come next week during the 5-day VWAP period starting tomorrow 8-Sep, up to the SPP closure date on 14-Sep, which will ultimately determine the final SPP share price for eligible shareholders.
IMUGENE CHART. TA only, page-25044
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Last
6.0¢ |
Change
0.004(7.14%) |
Mkt cap ! $440.9M |
Open | High | Low | Value | Volume |
5.7¢ | 6.3¢ | 5.6¢ | $1.312M | 21.97M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
7 | 299223 | 6.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
6.1¢ | 450000 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
6 | 296500 | 0.060 |
8 | 899945 | 0.059 |
10 | 1036582 | 0.058 |
11 | 2712529 | 0.057 |
13 | 718589 | 0.056 |
Price($) | Vol. | No. |
---|---|---|
0.061 | 450000 | 3 |
0.062 | 615032 | 6 |
0.063 | 702930 | 9 |
0.064 | 564497 | 6 |
0.065 | 1433916 | 15 |
Last trade - 16.10pm 23/07/2024 (20 minute delay) ? |
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