Following today’s volume and price action, could JAN have a short position that exceeds the 2.38M shares in the float? One Redditor thinks so… https://www.reddit.com/r/Shortsqueeze/comments/o5rj99/does_jan_have_100_short_interest_now/
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We are initiating coverage on JanOne (NASDAQ: JAN) today. This one seems to be just starting to trend as 12% of the tiny 2.38M share float is currently sold short. This doesn’t make a lot of sense to us as Jan is advancing clinical trials and has non-dilutive cash on hand from the sale of their legacy business.
Current price $8.50 per share
Outstanding shares (est.) 2.82M
Float (est.) 2.38M
Insider ownership 29.26%
Market cap $25.2M
Revenues $34M
A Few of Our Favorite Highlights:
Cash on hand to fund operations.
A very tiny share structure.
High insider/institutional ownership.
Note that there is around 12% of the float currently sold short.
All the indications point toward a potential near term upswing in JAN shares. They are trending and the company is producing potential catalysts relating to product development.
The company’s lead product is JAN101, a patented sustained-release form of FDA approved sodium nitrite. Results from the recently completed Phase 2a clinical trials support the use of sodium nitrite for the treatment and prevention of Peripheral Artery Disease (PAD), and as a non-addictive treatment for Diabetic Neuropathy.
When we look at the company stock chart, we notice a few things. The shares have recently broken through their 50 and 200 DMA of $7.44 and $6.30 respectively, in a bullish manner. The simple Moving Average is green at all levels.
Investors are taking a positive stance on the company shares which seem to be trending. The implications for JAN101, beyond the treatment of PAD, the subject of the phase 2a trial, are becoming more evident and the company has taken steps to facilitate a phase 2b trial and beyond.
200,000 doses of JAN101, including placebo have already been manufactured. The initial batch was produced by manufacturing partner CoreRX. According to Tony Isaac, President and Chief Executive Officer of JanOne, “We are now focused on bottling and labeling JAN101 for distribution to clinical test sites and engaging a contract research organization (CRO) to manage our Phase 2b trial, including the recruitment of subjects.”
The proposed phase 2b clinical trial of JAN101:
Evaluate the efficacy of two doses (40 mg and 80 mg) of JAN101 to treat diabetic patients with PAD in a placebo-controlled, 12-week study.
300 diabetic PAD adults (≥18 years) – 3 cohort of 100 patients
Primary endpoint
• Ability to walk without pain or muscle fatigue because of restored vascular function.
Secondary endpoints
• Reduction in pain over course of treatment
• Improved sensory nerve function
• Improved quality of life
The company has stated that the onset of the phase 2b trial could start at any time.
JAN has engaged the services of DC Consulting LLC, a strategy and management consulting firm specializing in government affairs, regulatory guidance, marketing strategy, and public relations services relating to healthcare, pharmaceuticals, drug policy and prevention, law enforcement, and building healthy communities.
Other potential indications for JAN101 include diabetic neuropathy, wound healing, and vascular inflammation by alleviating disease-associated pain at the source, and we believe investors are interested in JAN101 for its potential, not only for PAD, but its potential impact on other indications.
JAN is also exploring JAN101 as an alternative pain reliever to opioids. The FDA approval for pain relief would be a significant catalyst for the company’s value.
Recent injection of non-dilutive capital
In February, the company sold its legacy recycling subsidiary, ARCA Recycling for approximately $25M. That move initiated a temporary (few days) spike in the company share price that peaked at $31.93/share. We discount the importance of that spike as it was caused by a one time event unrelated to the operations of its core biopharma business.
Stay tuned and stay informed,
The Traders News Group
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