It’s hard to perform better than LeMaitre Vascular (LMAT) has been doing lately. In October it reported record sales and increased guidance for the remainder of the year, and last month it made an acquisition that is projected to be immediately accretive to both revenue and earnings.

Although LeMaitre’s share price gained 8% in November, at one point the price was up as much as 18% before pulling back. I’m not sure why that is, as there has been no other news released by the company since then and it is still rated a “buy” or “strong buy” from all but one of the investment banking firms following the company.

The most likely explanation is that one of its institutional investors has been selling off a block of stock over the past couple of weeks, disrupting the fragile supply-demand equilibrium that characterize small-cap stocks like LMAT. If so, then its share price should rebound once that block of stock has cleared the market, hopefully before our target holding period is up early next month.