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
5.2¢ |
Change
0.000(0.00%) |
Mkt cap ! $382.1M |
Open | High | Low | Value | Volume |
5.2¢ | 5.4¢ | 5.2¢ | $218.7K | 4.146M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
13 | 1122569 | 5.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
5.3¢ | 263870 | 6 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
13 | 1122569 | 0.052 |
39 | 4151998 | 0.051 |
68 | 5667229 | 0.050 |
17 | 2371726 | 0.049 |
21 | 798435 | 0.048 |
Price($) | Vol. | No. |
---|---|---|
0.053 | 263870 | 6 |
0.054 | 1981867 | 12 |
0.055 | 3636931 | 13 |
0.056 | 2701070 | 13 |
0.057 | 446030 | 6 |
Last trade - 16.10pm 26/08/2024 (20 minute delay) ? |
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