I tweeted earlier that ESPR was crushed because of what seemed like an innocuous employee benefit (I made the tweet Friday, it published today). That was all I had on my newsfeed. It turns out HC Wainwright released a bear statement that was addressed by ESPR in a later blog post. The HC Wainwright note was sent out only to certain clientele, and Dave will have a note about it tomorrow or Wednesday.
As it stands, the ESPR shares were exercised Friday and I’m looking to cover the shares with $35 Jun calls for now. I will update the accounting next month.
Here is a link to the ESPR response: