Been short since the buyout offer at $133, really just staying short VRUS because I thought it was overpriced as many investors stated that GILD was overpaying. Today's news didn't appear to help the long side. I was also short INHX until this morning and if it wasn't for my INHX cover I may have covered VRUS. My shorts in biotech usually have little to do with how I believe in the pipeline of that company, it because I view the stock as overextended on the chart and an overpriced value given to them.
Why does the large arb spread (9.7% after today’s move) make you inclined to short? I would have thought it would have the opposite effect(the offer price may be revalued by the market)
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.