Monday, July 14, 1997
Ebb & Flow
GeneMedicine slipped $1.281 to close at $5.25 on 2.3 million shares on Friday after an unidentified investor began soliciting bids from market makers for GMED shares early in the morning session. CFO Richard Waldron noted that the sloppy manner in which the trades were handled would not implicate a sophisticated investor. Later in the day, three sizable blocks traded - one 220,000-share block, a 57,000 share trade, and a 52,000 share trade. GMED's average daily volume was 90,500 shares in the second quarter.
Despite speaking with many of the company's institutional shareholders, Waldron had still not located the sellers as of late Friday. GMED had run up 36 percent to $7.75 in the six-month period ended June 30.