I've heard a bit about it. But I haven't studied the issue.
Knight is runned by Jonathan Goodman, who was the CEO of Paladin some years ago. I made a lot of money with Paladin but that reason is not enough to want to be associated with Goodman in everything he does.
For a few years now, almost nothing happened with Knight. The stock was and still is mainly a pile of money. Wether you like it or not, that's a case of speculation. Speculation is to hope that something will happen with a stock. When you buy Constellation Software, you know the company has large revenues, large benefits, huge ROE. When you buy Knight Therapeutics, all you know is that the company has a lot of money. That's it. You don't know what they will do with the money.
The company had 717 million dollars in short term assets on december 31st 2018 and the current valuation of the company is 1 billion dollars. The stock is selling exactly at book value, which is a s price you usually pay for a stock that's going right into an iceberg. I don't think it's the case here.
I don't see how the stock could drop more than that. Actually, it's probably a good price to buy at this level. But it's purely speculation.
It's intelligent speculation, I believe.