{
  "symbol": "EQ",
  "company": "Equillium, Inc.",
  "generated_at": "2026-06-24T07:36:47.463Z",
  "event_count": 1,
  "events": [
    {
      "type": "scout_dossier",
      "ts": "2026-05-29T23:57:20.953Z",
      "summary": "Equillium (EQ) is a clinical-stage biotech with two pipeline assets: EQ504 (novel AhR modulator entering Phase 1 for UC in mid-2026) and EQ302 (IL-15/IL-21 inhibitor in preclinical for celiac disease). The stock has run from ~$0.84 to $2.90 over the past year (+98%), now near its 52-week high of $3.10. Seven Form 4s were filed in the last 14 days as flagged, but inspection reveals these are overwhelmingly routine option vesting events (code M = exercise) with subsequent Rule 10b5-1 sales — not open-market discretionary purchases. Christine Zedelmayer exercised multiple tranches then sold via a pre-scheduled plan; Penny Tom did the same. The five directors who received options grants (Bradbury, Demski, Pruzanski, McDermott, Steel) are standard annual compensation awards (code A). There is no genuine open-market buy (P code) from any insider in the 90-day window. With the stock at/near its high, IV elevated (~160-174% ATM), and no price dislocations identified, this does not support a mispriced setup — it is a pre-revenue biotech with binary clinical risk ahead of Phase 1 initiation.",
      "verdict": "no_anomaly",
      "confidence": 5,
      "tool_calls": 23,
      "walltime_min": 24,
      "debug_path": "dossiers/2026-05-29-EQ.scout.debug.json"
    }
  ],
  "lessons": [
    {
      "id": "L-2026-06-19-002",
      "extracted_from": "2026-06-01-UEC-earnings-put-spread",
      "extracted_at": "2026-06-19T06:22:33.535Z",
      "outcome_context": "win",
      "category": "anti_signal",
      "pattern": "In low-float, high-short-interest commodity names (~10%+ shorts), pre-earnings positioning can cause large directional spikes (10-15%) that distort entry pricing and skew readings. These spikes are driven by gamma positioning and short-covering, not fundamental information. Enter spreads AFTER the pre-event spike resolves, not before.",
      "evidence": "UEC spiked +13.7% from $13.59 to $15.44 on June 2 (day before earnings) on positioning rather than information. This would have made any put spread entry more expensive and skewed the put/call ratio analysis. The subsequent crash was driven by fundamentals, not the reversal of positioning.",
      "applicability": "Applies to commodity-linked names with short interest >10% and market cap <$10B entering earnings. Does NOT apply to large-cap names with low short interest where positioning is more efficient.",
      "confidence": 5
    },
    {
      "id": "L-2026-06-19-008",
      "extracted_from": "2026-06-01-PANW-earnings-debit-call",
      "extracted_at": "2026-06-19T06:22:39.606Z",
      "outcome_context": "loss",
      "category": "smart_money",
      "pattern": "In cybersecurity names during AI-capex peaks, executive sales (even Rule 10b5-1) at prices significantly below current spot should be weighted more heavily than analyst upgrades. Insiders are closer to the data and may be positioning for a plateau.",
      "evidence": "EVP Klarich sold at $249-$261 on May 22, well below the $281.69 entry price. The scout dismissed this as 'routine diversification' but did not sufficiently weight it as an anti-signal. The stock subsequently dropped 3.4% from entry, validating the caution.",
      "applicability": "Applies to cybersecurity and AI-infrastructure names during periods of elevated analyst optimism. Does NOT apply when insiders are buying or when sales are at prices near current spot.",
      "confidence": 4
    },
    {
      "id": "L-2026-06-19-010",
      "extracted_from": "2026-06-01-PANW-earnings-debit-call",
      "extracted_at": "2026-06-19T06:22:39.606Z",
      "outcome_context": "loss",
      "category": "technical",
      "pattern": "RSI(14) > 80 is a valid overbought signal that should reduce the technical_was_useful score and trigger a mean-reversion warning. In the scoring methodology, technical signals should not be dismissed as 'Tier 3 confirmation' when they indicate extreme conditions.",
      "evidence": "The scout correctly identified RSI=80.5 as an anti-signal but the Analyst still published the trade with a score of 66. The DA correctly flagged the 'sell-the-news' probability, but the score did not reflect this risk adequately.",
      "applicability": "Applies to any trade where RSI > 80 or < 20. Does NOT apply in strong trending regimes where RSI can remain extended.",
      "confidence": 4
    }
  ],
  "chart_signal": {
    "ticker": "EQ",
    "call": "HOLD",
    "confidence": 3,
    "score": 3,
    "factors": {
      "above_200dma": "+2",
      "above_50dma": "+1",
      "momentum_strong_up": "+2 (513.9%)",
      "rsi_neutral": "0 (54.9)",
      "recent_macd_bearish_cross": "-2 (8d ago)",
      "from_high": "0 (-10.4%)"
    },
    "summary": "HOLD (score +3) · 12-1 mom 513.9% · RSI 54.9 · above_both · -10.4% from high",
    "last_close": 2.84,
    "one_month_ago_close": 2.21,
    "twelve_month_ago_close": 0.36,
    "twelve_one_momentum_pct": 513.89,
    "rsi_14": 54.9,
    "ma_stack": "above_both",
    "from_period_high_pct": -10.41,
    "period_high": 3.17,
    "price_targets": {
      "bear": 1.7,
      "fair": 4.12,
      "bull": 12,
      "bear_return_pct": -40.1,
      "fair_return_pct": 45.1,
      "bull_return_pct": 322.5,
      "method": "street_targets ⨯ chart_floors",
      "street": {
        "target_low": 4,
        "target_mean": 7.125,
        "target_high": 12,
        "analyst_count": 8
      }
    },
    "generated_at": "2026-06-24T07:36:47.455Z"
  }
}