Vericel Corp. (VCEL)

[umiak]

You forget to calculate that approval came 3 weeks early. Companies have to put out material news w/i a certain timeframe. It would not have been so disruptive if financing had come out 3 weeks before approval.

As a matter of chart, looks like the financing was what leaked before surprise approval. The pps jumped on low volume for a quick short into the financing announcement. Then boom everyone is surprised on approval. While either way the company had planned to pr the PJ deal.

My larger point is nobody except a handful of people know the whole story.