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Major Short Squeeze Likely / FDA Drug Approval
Major Short Squeeze Likely / FDA Drug Approval
There was a short attack on AVNR based on a report by a less than reputable publication. It opposed the analysis of Avanir's Neurodex drug up for FDA priority review & approval by Oct. 30th at the latest. If approved, it will have orphan status giving it a virtual monopoly on the market. The drug, with all indications approved could become a multi-billion dollar drug. Avanir just aquired Alamo Pharmaceuticals in a very slick deal which gives them access to a professional, fully train in-house pharmaceutical sales force and adds yet another FDA approved drug under their belt in addition to Abreva treatment for herpes sores. In addition, AVNR still has a fully human monoclonal antibody subsidiary which they claim is better than all others. They have stated they will concentrate on the full launch of Xenerex after the FDA decision for Neurodex comes in. They have already discovered an anthrax mAB with near perfect results in animal studies. Many believe that this technology will become the biggest breakthrough in the industry. The short attack was unwarranted and left AVNR with a short interest of 7M shares with only 30M shares outstanding of which 47% are insitutionally owned. The short interest reported last month had jumped from 1.6M to 7M in one period meaning the shorts were unable to cover. It appears they have increased the short position since then because of a standard FDA delay. This could all lead to one of the biggest short squeezes that has ever been witnessed by Wall Street. This is why short bashers are in a desperate panic on the message boards trying to scare longs. Load up on AVNR but do it in cash accounts only and continue to price average in if they keep up the short attack. This short group is acting without merit and the longs could make out like bandits. http://www.avanir.com |
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