This has been sold and/or shorted a lot since it reached these levels about 2-3 weeks ago.
It has been holding up better than it did in months and years past, under similar circumstances. That is a good sign, as long as the only news around the corner is positive news.
Today's action tough to figure, but I believe a fund or funds have been slowly and carefully selling some of the position in the last 1-2 weeks. Not Baker, because they would have to file.
I expect it will show this kind of action, subject to macro market pressures, until the next November catalyst(s). ACR presentation around November 10th, and/or earnings call/Analyst presentation in early Nov.
Phase 3 MF top-line results will be only a Dec event, per CEO Friedman.