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They say a man is judged by his deeds, and Novartis has been steadily doin’ alright by its shareholders. It’s not a stock to set your hair on fire, mind you, but a fella lookin’ for a bit of peace of mind, a place to park his money where it’ll grow slow and steady, might just find it here.

The weighted average price, according to the Form 4, hovered around $54.97. A sum, naturally, that means little to those who dwell in the ethereal realms of algorithms, but much to those who calculate their lives in fractions of a cent.

This doesn’t necessarily translate to rip-roaring returns. Banks aren’t exactly known for the breathless innovation of, say, the Guild of Alchemists and Venture Capitalists¹. They’re more… reliably mundane. A value proposition, certainly, and increasingly generous with the dividend offerings – a trickle of gold to appease the shareholders. The shadow, however, is memory. Many market participants remember the unpleasantness, and a healthy dose of skepticism is rarely a bad thing. Some, it seems, are actively seeking ways to bet against the financial sector. Which brings us to the curious case of the ProShares UltraShort Financials ETF (SKF 1.39%).

The question, then, is this: is this a chance to scoop up some shares, a little bargain for the discerning investor? Or is it a trap, a sticky wicket laid by the market goblins?

The increase in stake, documented in the official filings of February 17th, 2026, reveals a portfolio adjustment. The value of this position, swollen by the recent, precipitous rise in Praxis’s share price, now constitutes a significant portion – over ten percent – of Perceptive’s assets under management. Such concentration is rarely born of pure conviction; more often, it is a symptom of a dwindling field of perceived opportunity, a desperate clinging to a promising, yet inherently fragile, hope. The quarter’s end saw the value of the position swell by over half a billion units, a phantom increase built upon air and the collective belief in a future that may never materialize.

The idea is, if this thing actually works – and that’s a big ‘if’, let me tell you – these little companies, these…startups, could become huge. Like, “buying Amazon before anyone knew what it was” huge. Which, of course, means everyone wants in now. It’s like Black Friday for nerds. And you know what that means: overhyped promises and valuations that make absolutely no sense. It’s infuriating.

Visa and Moody’s, names spoken with a reverence usually reserved for ancient lineages, had known decades of prosperity, a steady accumulation of wealth that seemed as inevitable as the rising sun. But even the most enduring dynasties face periods of shadow. Visa, the silent facilitator of countless transactions, had dipped, a mere 8% decline in the year, a fleeting stumble for a company that had averaged a 16% annual return over the past decade, a legacy stretching back to 2008. It was a rare disquiet, a momentary lapse in a rhythm perfected over years.

The SEC filing landed like a dropped glove. Perceptive Advisors upped its stake in Celcuity by 203,881 shares. That’s a solid commitment, not a casual glance. The value of the position swelled by $169.16 million, a number that suggests both buying and a stock with a pulse. A healthy pulse, at that.

This wasn’t a little flutter, either. This purchase boosts Perceptive’s stake in Apogee to 3.14% of their overall holdings as of December 31st – a figure that sounds remarkably precise, doesn’t it? It suggests a degree of confidence, a belief that Apogee isn’t just a flash in the pan. They already held a decent amount, 2,330,651 shares to be exact, and the value of that position has swelled by $122.20 million, thanks to both the new investment and, crucially, the share price actually going up. A rare occurrence, that last bit.