GLYC—One explanation for the sharp sell-off is that 80% of final-analysis events is rather late to be holding an interim analysis, implying that there is less upside for the final analysis than one would typically expect, despite most of the alpha remaining unused. Also, there’s the ATM dilution of ~20%, which was disclosed today for the first time.
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”