Versartis, Inc. (VSAR)

[longx]

Cash is king when the markets are volatile.
Being traded at $1.80/share way below its total cash asset of $3.95/share (or $2.49/share after liabilities), investment in VSAR is definitely safe. Today with the Dow dropped over 1000 points and a decent trading volume of 560K share, but VSAR remained unchanged, and will stay at this level even the Dow drops another 3000 points to 20,000 level.

I hope that the last 3 months should be long enough for Versartis management and Cowen to able to find suitable candidate for merge/acquisition/or private investment for maximizing shareholders value, and they will make the announcement in the upcoming E/R. If not, then simply dissolve the company and distribute the cash back to shareholders.

It's not a good idea to continue the search for another quarter unless they're able to limit the cash burn rate under $2M/quarter.