Nuvelo's Bull Runs

Nuvelo's (NasdaqGM:NUV0) bull has been rampaging with great vigor. Option volume is up dramatically. The stock which is mid single digit has run quite nicely. Everyone is excited about the trials for Alfimeprase. Bayer is running the trials and will not comment but recent speculation is taking this one to the moon. Maybe yes maybe no but there are visions of financial sugarplums dancing throught the minds of certain speculators.

Reuters in their International Holders Summary for Nuvelo reports that institutions have been exiting the stock. Of the 112 insitutional positions there is only one net new position and 53 positions have been closed out entirely. Of approximately 38.3 million shares held institutions have distributed about 2.5 million shares.

I know some will not view this as a classic institutional investment but the fact remains that 112 big boys are in and they do not seem to be buying the story. 112 players all with their ears to the ground and they were not accumulating.

There could be something to the trial results and therefore investors should be rewarded. It does not seem complete enough to justify the homerun promise from the speculation crowd.