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      "text": "Although Citron Research walked away from long-form short reporting, we could not pass up the opportunity to report on Agilon Health (NYSE:AGL) because the valuation disconnect was beyond compelling.",
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      "text": "Following the national phenomenon leading to the rise of a certain video game retailer, Citron Research decided to step away from long-form activist short selling. In retrospect, the timing was not ideal. During the subsequent two years, SPAC-mania offered great short opportunities as incidents of fraud reached unprecedented levels. We give kudos to the many activists who kept order in the market by reporting on SPAC’s.",
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      "text": "Citron has published only a few other long form short reports in the past three years. Two of the standouts have been ETSY (NASDAQ:ETSY), down 60% since publication, and Apellis (NASDAQ:APLS), down 30% since publication.",
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      "text": "Citron Research published several exposés on that business model, warning investors when the stock was trading at $25 that the value was wrong. We set a price target of $5. AGL ultimately fell to our target price. Despite high expectations and cheerleading from the analyst community, the company has never established profitability.",
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      "text": "Although Citron Research walked away from long-form short reporting, we could not pass up the opportunity to report on Agilon Health (NYSE:AGL) because the valuation disconnect was beyond compelling. Agilon was the only company since 2021 that Citron Research wrote long form reports on multiple times. Agilon was perceived by many as a high-potential disruptor in the managed healthcare industry. It went public through an IPO in April 202, underwritten by major investment banks including JP Morgan and Goldman Sachs. Its business model focused on helping physicians and health systems deliver value-based care, focusing on seniors enrolled in Medicare Advantage plans.",
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      "text": "The past few years have been “interesting”, to say the least, for Citron Research. While we have maintained a quiet profile, we continued to publish a few short reports that played out as anticipated, while also issuing some long predictions that, admittedly, did not perform as expected. In this update, Citron Research would like to provide an overview of its Good, Bad, and Ugly reports last year, as well as name its current portfolio favorites.",
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