Shelly Albaum
Apr 11, 2018
Short interest was up by about 5% or 200,000 shares between March 15 and March 29 ( from 3.9M to 4.2M), while price fell about 10% from $4.72 to $4.20.
Although it is a yet another new high for the shorts, the price drop seems disproportionate, suggesting that something else was afoot, too -- perhaps a big seller reduced their holdings, or Geoff the Troll finally took his money and went home.
It was TWO months ago that the FDA sent its interim response promising that ChromaDex's petition was under "active evaluation." It's been FIVE months since briefing was completed on ChromaDex's motion to dismiss Elysium's SDNY complaint ABOUT the FDA petition.
I'm pretty sure that ChromaDex has a Noerr-Pennington right to ask the FDA to enforce against all competitors the rules that ChromaDex is complying with, regardless of whether the FDA ever acts on the petition, so Judge Caproni ought (in my view) to not wait indefinitely to throw out Elysium's complaint. However, it will obviously be an exceedingly-short-and-easy opinion to write if the FDA does in fact act on the petition in any way, and SDNY usually has bigger fish to fry, so I can't actually blame Her Honor for letting this one stew.