Ayala Pharmaceuticals Inc (ADXS)

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Perhaps you have heard of two small cap biotech companies that were both acquired in 2016 by larger pharmas: Tobira Therapeutics (TBRA) and Celator Pharmaceuticals (CPXX).

TBRA was acquired by Allergan for $49.84 a share, with $28.35 of it in upfront payment and the remaining in milestone payments. It was an 800%+ premium. The day before acquisition, TBRA was trading at around $4.90.

https://www.allergan.com/news/news/thomson-reuters/allergan-to-acquire-tobira-therapeutics-expanding

CPXX on the other hand was run up by hedge funds from around $1.50 to $15 in a matter of 3 months with absolutely no indication as to why. It was acquired for $30.25 by Jazz pharmaceuticals.

Neither hedge funds nor large pharmas are stupid enough to evaluate a company's worth based on its share price at a given point in time, especially when shorts can use HFT to pin it anywhere.

In fact,DOC himself was extremely likely to have been fired even if the share price of ADXS was $15 instead of $6.50 on the day of his exit. He was fired for not choosing safety via strongly monetized partnerships and ensuring stability (accounting for unforeseen clinical events and macro-economic conditions), not a senseless number that could be taken anywhere by HFT, as it was to $30 in 2015 or to $16 in 2016 right after the AMGN deal.