A US-based shareholder of Veritas Pharmaceuticals (VRT.C) put a boot to the company this morning (and, frankly, his own portfolio) by dumping $250k worth of the stock into the market, slapping the share price down by around 25%.
Clearly someone needed to cover a short. Or pay a divorce lawyer. Or send cash to Big Vito after ‘the Vegas incident.’
I spoke to management at the company briefly this morning to get clarity on the situation and was told that other investors are cleaning up that dumped stock (at a bargain price, it should be said), that insiders are looking to pick up some, and that the company is on course to put news out next week.
I spoke to one long term investor in the company via social media, and while he asked that I don’t identify him, he confirmed that sentiment.
“Dumb sell. Too cheap to just leave there. Just bot 10k of VRT @.34. If it drops from there I’ll buy more.”
FULL DISCLOSURE: I’ve bought more too, at the same price.
— Chris Parry
NOTE: The author is a consultant to the company and owns stock.