65% potential upside on a rebound.
This is a pretty interesting trade on the back of a massive share price drop. The situation is unusual, but the thesis is simple. The stock got cut nearly in half after a regulatory setback, and I think the market overreacted by focusing only on the headline rather than what actually caused it. The issue had nothing to do with the company or its underlying assets. It came down to a review timeline problem, essentially regulators failing to meet their own internal deadlines. That review is expected to resume shortly, and once it does, the stock has a fairly clear path to recover. Even a simple confirmation that things are back on track would likely move shares higher.
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