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LCI - Lannett: Market Is Pricing The Worst Scenario Why We Remain Invested
Lannett Co Inc
Investment thesis
We have gone a full cycle with Lannett (LCI) in the past 18 months. We initiated the first position at $6/share, added more shares as the stock short-squeezed to $15/share. Then as the stock fell to $11/share, we trimmed the position as Lannett accounted for 40% of our portfolio at one point. Now, sitting at $5/share, we contemplate when this roller coaster ends. This ride has been a real test.
The original thesis was simple. From March 2019, Lannett would start a new chapter. After losing the contract to sell Levothyroxine