Momenta Pharmaceuticals, Inc. (MNTA)

[10nisman]

NVS established a 10b5-1 plan to sell its MNTA shares between 8/8/16 and 1/26/17:

https://www.sec.gov/Archives/edgar/data/1114448/000110465916138659/a16-16346_1sc13da.htm

During the past three days (including today), NVS sold ~260K shares, reducing its MNTA holding from 4.71M shares to 4.45M shares.

Any reason why NVS would prefer doing a 10b5-1 sale vs. a secondary offering? Not enough institutional demand for their shares?

10nis