Enanta Pharmaceuticals Inc (ENTA)

[YY1000]

Exactly right. The beauty of exercise-and-hold transactions is that insiders are permitted to execute these transactions even when they have material non-public information. So, we might well be seeing exercise-and-hold transactions right now if the options were not underwater.

Agreed. My point was that since there are no open market insider purchases, either there is non-public information preventing them from trading, or their view of the valuation must have changed...