Biotech Values

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It is a riddle yet to be solved wrt to 621 and 622. The market says TRIL doesn't deserve any bullish bias and the management just implicitly agreed with the market pricing. The bullish case now depends on the CEO/CFO having acted foolishly in waiting to finance at a low price. It is a conundrum. Reg FD says that all investors get to see the same data. I won't argue with someone paying $30M for a lottery ticket if he thinks it is cheap enough. I would worry though about what management will do next time there is a need to add capital.