The crossing today was for more shares than Cormorant held at their last disclosure. But what is interesting, is that the aggregate of the large trade yesterday and today's 11M crossing is almost identical to the 12.6M shares that came on and off Morgan Stanley's books as part of a lending agreement. Could be the same block of shares?
Seeing more shares for sale actually makes me a bit nervous. I had been comfortable that the selling pressure was primarily coming from Cormorant as they have been liquidating this holding and actively seeking liquidity in the market for a long time now. But given the size of today's block there is obviously another very large seller around.
Could be Capital? I hope not.
Until now I had been waiting patiently until Cormorant had finished liquidating to buy more, but given there's more on offer than I thought not so sure now.
VLA Price at posting:
66.0¢ Sentiment: Hold Disclosure: Held
