Entered this position a few months ago when it broke 6 and sold at 7, looking for another entry point. Long bias due to decreasing short interest from the high of 42 M to 36 M, days to cover is currently at 23 from the May figure. There is a pending announcement of updated results of its Phase 1 drug used in Recurrent Glioblastoma. Hypothesis is that a positive reaction to the news will result in another attempt at the 8 dollar resistance level
confirmation will come from a positive movement over the next few days and a decrease in the short interest when it is next reported. A negative reaction will result in a strengthening in the short interest and a decrease in price levels to longer (monthly) support levels. Next week will be a tipping point week and one to watch. Will likely enter a long position at 6.05 with an exit the next day if the price does not remain above 6 the day after the position is entered.