reverse...i think it was a good buy, albeit risky. without doing much DD at all...if they really do have 41 mil in cash they are now trading at a discount to book value. that is pretty damn rare, and usually only found in situations where:
1) the market gets temporarily irrational due to short-term supply/demand imbalance
2) the market is discounting significantly accelerated cash burn or extrarodinary payment.
right now the market is basically saying that the entire pipeline, IP, and other potentially revenue generating assets have NO value. none, zilch, nada. even if you assign a 5% probability of success to ONE product of theirs, the discount to book value makes no sense. it will likely correct a bit to the upside, IMO. but then again i have not done much DD...just shooting from the hip.
re news from the IDMC...honestly it doesn't look too bad to me. not disastrous at least, but definitely a setback. the drug is a walking approvable letter.
re shorting, i agree with goldseeker. not likely..
DISCLAIMER: NEVER ASSUME INFO ON MESSAGE BOARDS TO BE ACCURATE. ALWAYS DO YOUR OWN DUE DILIGENCE. DON'T BUY STOCK BASED ON THIS POST OR ANY OTHER POST. I OWN A LONG POSITION IN THIS STOCK AND THEREFORE I AM BIASED.