Exercising an option is a transaction with two parties: the insider who exercises and the company. There is no member of the general public who is directly affected by an option exercise as there is with an open-market purchase or sale, where another investor is on the other side of the insider’s transaction.
If it were up to me, exercising an option while in possession of material nonpublic information would nevertheless be a violation for the simple reason that it seems unfair. Be that as it may, exercise-and-hold transactions are unquestionably bullish. The exercise by MNTA’s Chairman three days ago is a case in point.
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