If there is one it certainly can't be very large with the volume we've had the past three days. Under 300K traded the past three days. Assuming 100% of it was short legs (which it wasn't) then we would have FTDs if more than 300K naked short shares are outstanding. Based on the percentages I would say the naked short position in IPIX is somewhere between 0 and 150K shares.
The stock may be manipulated in part by small naked trades but there certainly is no gigantic submerged iceberg here.
Go IPIX!
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All my posts are my own personal opinion and speculation. They should not be used as the basis for any investment decision. No, I am not Scottsmith.