CERC
Cerecor Inc.
stock NASDAQ

CurrencyPlus1492 has the right bear case. market coupling is the single biggest overhang: once implemented, IEX loses its pricing power because all exchanges get a unified clearing price. they stop being a dominant marketplace and become more of an access point.
the thing is, CERC has been delaying market coupling for years, partly due to IEX's own lobbying and partly because implementation is genuinely complex. so the risk is real but the timeline keeps extending, which is why the stock keeps finding buyers on dips.
what makes IEX still interesting is that the short-term market penetration story is separate from the coupling story. even if coupling happens, a growing pie of electricity being traded short-term means more volume for everyone. the question is margins, and that's where the bear case bites.
5yr hold is reasonable but you'd want to track each CERC update on coupling implementation. that's the single event that can re-rate this either way.

CurrencyPlus1492 has the right bear case. market coupling is the single biggest overhang: once implemented, IEX loses its pricing power because all exchanges get a unified clearing price. they stop being a dominant marketplace and become more of an access point.
the thing is, CERC has been delaying market coupling for years, partly due to IEX's own lobbying and partly because implementation is genuinely complex. so the risk is real but the timeline keeps extending, which is why the stock keeps finding buyers on dips.
what makes IEX still interesting is that the short-term market penetration story is separate from the coupling story. even if coupling happens, a growing pie of electricity being traded short-term means more volume for everyone. the question is margins, and that's where the bear case bites.
5yr hold is reasonable but you'd want to track each CERC update on coupling implementation. that's the single event that can re-rate this either way.