What’s a good time to launch a block trade? According to Goldman Sachs’ equity capital markets team, the answer appears to be 11pm on a Thursday, and hours after a similarly sized sell-down at the same company.
That’s when the Wall Street investment banking giant decided to sell 1.5 per cent of Telix Pharmaceuticals, a Melbourne radiopharmaceuticals specialist with a market capitalisation of more than $9.5 billion, on behalf of China’s Grand Pharma. The next day, thanks to the ill-timed block trade, shares fell 6.3 per cent, wiping half a billion dollars from the company’s valuation.
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