RE:RE:RE:RE:RE:RE:RE:Not surprising People and institutions sell for a multitude of factors both intrinsic to the stock and as a function of their overall asset allocation, weighting, performance and set of circumstances. It's what makes a market
I can say that as a retail investor here I've extended my investment horizon on this particular holding far beyond my initial hypothesis which was entirely based on Trogarzo back in 2016, evolved for a NASH play with EGRIFTA, and has limped on ever since with the highly educated and well-informed knowledge you have all provided regarding this oncology opportunity. I don't think I'm in the minority here, especially as it pertains to investors who have accumulated significant holdings on an individual basis over a period of several years.
With the glaring lack of data provided throughout this Phase 1b and subsequent "pause" of the trial, it's easy for me to see the appeal of selling. We know too little about how the company is making their decisions and it all feels entirely binary at this point. The upside is, at a minimum, several if not many months away (considering everything has taken substantially longer than we've estimated) while the probability of success continues to diminish from the already unlikely event that we happen to be the smartest people in the room who've found one of the first of its kind successful PDCs targeting multiple cancers.
With all of this in mind, it does feel like the next 30-60 days will prove to be painful and those of us who do not sell stand to lose the opportunity cost of owning a better diversified basket of even a very basic biotech etf while benefiting from the annual advantage of tax loss harvesting.
All this is to say that it may be sub-optimal to sell at these levels and certainly the company as a whole is worth more than the current share price is reflecting but we've also comforted ourselves for far too long that this, at the very least, is still a solid value play when biotech and value rarely occupy the same space and there seem to be far more compelling stories being told.
I find it increasingly difficult to hold and to recommend to hold or, dare I say buy, to friends, family and countless others to whom I have recommended this as an investment.
the story is not necessarily over, but it's hard to argue with the general sentiment after today that there are few prospects left for the company to turn this around. This will likely be one of the darkest marks on my track record for some time.