Cyan

I thought this was interesting. The very complete exit was a big call.

https://www.livewiremarkets.com/wires/a-profitable-experience-with-a-bitter-end

However – and this is a big however – we are acutely sensitive to market sentiment and how this can seriously impact stock price movements. There has been no fundamental change to the underlying business in this short space of time, and our opinion on the short-seller research report is not particularly important, because the reality is that the investment thesis has changed due to perception around the company and the market in which it trades.

Thus when the market for BLA’s securities reopened on 4th April, we sold a significant stake immediately (above $8), and continued to sell during the day. Shortly thereafter we had sold our position completely. The price sell-off was dramatic, with BLA falling from $11.50 to as low as $4.50 in 3 trading days.

Importantly, if significantly negative information is released, we take immediate and decisive action.