Aug. 14 at 5:02 AM
$TCRX Q1 showed 3.2M PFWs converted, and BVF’s filing showed the exact same 3.2M conversion. Yet BVF’s common shares only increased by ~338K, suggesting they likely sold a large portion.
Q2 now shows another ~7M PFWs converted. BVF’s Q2 filing isn’t out yet, but there’s a good chance it’s them again.
So the “institutions are loading” narrative may be wrong. At least BVF appears to be gradually reducing exposure.
