He wasn’t born to the scent of money, but he learned to read the signs. He understood early on that technology wasn’t about transistors and code, but about leverage – about multiplying effort, and ultimately, about power. Palantir, the data firm he helped birth, was built on that principle. And a man who understands leverage understands risk. He knows when the scales are tipping, when the promises are getting thin.
The SEC filing of February 17th confirms BVF’s complete divestiture from Protagonist Therapeutics. The value of their position, once a rather plump specimen in the portfolio, has evaporated – a diminution of $170.12 million. It’s a figure that hums with a quiet significance, a whispered note in the cacophony of market transactions. One suspects there’s a narrative concealed within the numbers, a story BVF isn’t shouting from the rooftops.
And it is within this breathless pursuit of the next wave that one finds, perhaps surprisingly, a quiet strength in Nokia (NOK +1.14%). A company, often overlooked, yet poised, it seems, to capitalize on the inevitable—the coming of 6G. A gamble, yes, but one rooted in a peculiar, almost melancholic, necessity.
A handful of companies – IonQ (IONQ +7.12%), D-Wave Quantum (QBTS +5.52%), and Rigetti Computing (RGTI +7.04%) – saw their shares balloon like overfilled sausages throughout 2025. They wobbled a bit towards autumn, mind you, but still managed a rather impressive year, climbing as high as 211%. It was a bit like watching a flock of pigeons suddenly sprout wings of gold.
According to a recent filing with the Securities and Exchange Commission – a body dedicated to the meticulous documentation of financial improbabilities – BVF established this position during the fourth quarter. The investment totaled approximately $51.62 million, a sum roughly equivalent to the annual GDP of a small, moderately optimistic island nation. (Or, you know, a lot of shares in a biotechnology company.)
The company did, it is true, manage to exceed expectations regarding revenue, achieving $42.4 billion against an anticipated $41.83 billion. However, as is so often the case, a pleasing surface appearance does not necessarily reflect underlying strength. Adjusted earnings per share fell short at $0.13, a modest return compared to the hoped-for $0.19. One might observe, with a touch of irony, that while the coffers appear full, the yield is disappointingly small.
The filing with the SEC confirms the transaction. Seventy thousand shares. It’s a significant addition, bringing their stake in Apogee to 9.15% of their reportable assets as of December. One imagines the portfolio managers, sitting in their offices, not exactly celebrating, but perhaps… acknowledging the move. A quiet satisfaction, perhaps. The fund’s total investment now stands at $28.23 million, a sum that speaks of a certain conviction, though conviction, one knows, is a fragile thing.
According to the ever-astute analyst Axel Adler Jr., this decline isn’t due to a surge of enthusiastic buyers hoarding stablecoins like they’re the last cookies in the jar. No, no! It’s actually a mass exodus of capital from the ecosystem, which fundamentally changes how one might interpret this classic bullish indicator. Think of it as having a party where everyone leaves before the cake is served. Awkward, isn’t it?
The particulars of this transaction, as revealed in a recent filing, indicate an increase in valuation of approximately $19.68 million for this holding. A respectable sum, to be sure, though one must always view such gains with a cautious eye. The tendency of fortunes to fluctuate is, after all, a truth universally acknowledged.
Market orders are now executed with a solemn conviction, and territory. Participants lift offers actively, rather than passively hoping for some providential market correction.