On the positive side, an exercise-and-hold-all-shares is a significant signal to the informed investor. If anyone notices any new instances of this in any companies they follow, let us all know!
ENTA’s CSO just did this for the third time in a 12-month period.
The bullish signal from these transactions is attenuated to some degree because the exercise prices were very low and hence the exercised options were mathematically not that different from actual shares. However, even an attenuated signal from an insider is worthy of attention.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”