Momenta Pharmaceuticals, Inc. (MNTA)

[Rocky3]

"First, why were they so stupid that they didn't roll everything into one issue. Why did they change their original plan?"

Things are different from 1Q14. For one, the price is now 19+ and the last shares were sold for 19. You would rather they were sold last year (and this year) around 12?

"Second, why do they need this capital. Everything you've said so far has to do with they wanted to sell this before the shares zoom sky-high and I hate to tell you but that's counter to what any company would do. Also it makes me suspect they don't anticipate any meaningful income soon."

As one that was vocally against the secondary after the mLov approval, I'm not going to question the need here. Fundamentally, it shows that the company thinks that the current stock price is high enough to justify raising money. I hope they are wrong, and that the price will be higher in the near future, but I grant that it is a reasonable price (especially since the stock price is up 65% this year). It may be that you are right and that there won't be meaningful cash flow anytime soon. I would rather have cash balance not being a concern than otherwise. I also don't think that there will be a huge stock price move once sales start - the move has already happened.