NXE Stock Tumbles After Culper Research Reveals Short Position

Culper alleged that the net present value of NexGen’s Rook I project is overstated by 43% to 62% and the company is “ultimately an insider enrichment scheme with substantial downside.”

Shares of NexGen Energy Ltd. (NXE) slumped 10% on Friday after Culper Research announced a short position in the Canadian-based uranium exploration and development company.

Culper alleged that the net present value of NexGen’s Rook I project is overstated by 43% to 62% and the company is “ultimately an insider enrichment scheme with substantial downside.”

It also added that the company’s targeted peak annual uranium production of 29.7M lbs is “impossible to achieve.”

Get updates to this developing story directly on Stocktwits.<