Polaco, I don't think the share count you list for Pictet is as of 3/31/17. Look up the ADXS holders on either the Nasdaq or Morningstar website. Pictet is not a current shareholder. As I recall they had a large position but sold during the third quarter of last year when the stock moved up to $16 following the Amgen deal. Also, I stand corrected on T Rowe Price. According to the Nasdaq website they currently own 38,200 shares. Previously they were one of our top 5 or 10 largest shareholders and I believe they sold most of their shares during the first quarter of 2016. You're right, I don't know why these entities sold. In reality (on a positive note) I think T Rowe sold in the first quarter of 2016 as that was when biotech came under serious pressure. At the end of that quarter, I read their commentary on their healthcare fund, which they held most of their ADXS shares, and while they didn't comment directly on ADXS, they said they reduced their holdings in some biotech that were more volatile and shifted to more service oriented companies that they thought would hold up better as the biotech sector sold off. Regarding Pictet, just a hunch but I bet they sold following the Amgen deal as they could have been solicited by ADXS to participate in the subsequent dilution so they saw it coming and thought it would result in pressure on the stock so sold after the Amgen deal in anticipation of the subsequent dilution. My main point in pointing out that these two large institutional holders sold was to point out to Ignatius that not all institutions buy and hold ADXS long-term, as some do care about short-term performance of the stock and make buy/hold decisions based on it.
