I don't think there's anyone shorting stock now, but yes the trading has been interesting. I dumped a couple of million shares just before close to see what would happen, and sure enough a new buyer popped up instantly to replace the line I hit on the way down, so there is some support there.
IMHO the share price is a joke and in no way reflects PAB's outlook. TERP was 7 cents, so to be trading this low despite all the positive announcements is crazy, as you can't fake orphan designation and great clinical results! To me it just proves the market runs on sentiment and not rational behaviour, and that small cap investors unnecessarily penalise companies that raise capital. They either whinge that they can't participate when it is placed to instos, or they complain about the price and 'dilution' of a rights issue..
Whilst I will definitely hold a parcel of shares longer term, if I can profit from short term trades I might as well, particularly given I don't think we'll see much movement until 2H14 now, unless the further detail on the Onyx trial surprises on the upside in the coming months.
Do I think it'll be back at 5 cents by xmas? Yes. Key will be further disclosure of who takes up some/all of the shortfall
PAB Price at posting:
4.4¢ Sentiment: Buy Disclosure: Held
