I had the right idea but the wrong seller. Not 100% sure (pretty sure though) but I think OTLK weakness is due to the 13G filer below. His cost basis is much higher and was not included in the recent transaction. He doesn’t possess any material private information, so the weakness should be temporary and not impact our longer-term economics.
Amendments to any Schedule 13G filing must be made within 45 days after the end of the calendar quarter in which any reportable change occurs. In addition, Qualified Institutional Investors must file an amendment within five business days (previously 10 days) after month-end in which such Qualified Institutional Investor’s beneficial ownership first exceeds 10% of a covered class or any 5% increase or decrease in beneficial ownership of a covered class. Passive Investors must file an amendment within two business days (previously “promptly”) after such Passive Investor’s beneficial ownership first exceeds 10% of a covered class or any 5% increase or decrease in beneficial ownership of a covered class. The SEC further provided that the triggering event for filing amendments under Schedule 13G is a “material” change in the information previously provided vs. “any” change in the information previously provided.
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