I was stupid enough to back this today. On bumper form it should have been up to at least competing in a poor race like this. Indeed on it's previous run it travelled into the race like it had every chance before stopping to nothing and being beaten a long way. Today it was close enough before the jock appeared to ease it back two places just when you would have expected it to be going forward. Then he has made very little effort up the straight without ever thinking about using the stick.
So it has either gone backwards very quickly, or they are deliberately not making much effort with the idea of landing a touch when they are trying.