BluntForceOptions
Following up on the afternoon buying... pressed our entries today across a basket of small-cap biotechs we own right around these multi-month low levels - $VTGN $EYPT $NMRA $TNXP $VYGR - When the macro tape de-risks indiscriminately into a sector washout like this, pipeline values and cash per share get completely detached from reality.
We took out the trash and pruned the dead weight in the portfolio earlier this month specifically for days like today. With our short index hedges locking down the downside into the weekend, we can afford to stay patient and add to these dislocations on our terms.
Unplug and enjoy the weekend.
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