RE:RE:RE:RE:RE:Soleus sold 474,000 before the end of MarchStill a bit disappointing though. As someone who did this for a career I know there are a lot of reasons you are sometimes forced to sell -- a client redemption or request to hand back a portion of an account, a different position falls and others become too big, a cross to a different account not in those reporting structures, etc... But if it's not one of those kind of situations, then they agreed the price they sold it at was "fair", so not a great sign. It could have been the warrant element too -- exercise some and sell off to lower overall position cost. Nonetheless, would rather see those 4 new institutions buying than selling so quickly afterwards.
scarlet1967 wrote: Also I don't think we should be surprised as these institutions participated in a steal deal so they are bargain hunters(penny chasers) so instead of the copycat effect we ended up with investors who offload gradually their positions for a small profit rather than waiting out the clinical outcome of the programs. If it wasn't for the ripple effect of more than few strategic incorrect decisions the valuation would've been been more in line with comps.
I do understand that they still have a sizeable position and I don't anticipate they are selling for any other reason than making some profit so I don't believe this selling has anything to do with the progress of the trial as it was done in March.
scarlet1967 wrote: I really believe the key to deal with the valuation discrepancies is addinh a retail friendly approach to their marketing efforts.
Get the demand and volume higher first then institutional investors and wealthy retail investors will join the party.
SPCEO1 wrote: There is no indication of other new institutional owners so one has to wonder if the other two purported institutions who participated in the OO have flipped their shares already. That seems unlikely, but no other group with more than 1% of the outstanding shares are listed on Bloomberg besides Soleus, ourselves and the Caisse.
scarlet1967 wrote: As per their 13F yesterday filing Worth Venture partners increased their position from 146162 to 851413 shares and Morgan Stanley increased their position from 403870 shares to 703735 shares.
https://fintel.io/sob/us/thtx
SPCEO1 wrote: They still own nearly 7 million shares as of the end of March but did sell 474,000 between the offering and the end of March. Not sure what, if anything, that might mean but that is what Bloomberg is reporting.