Just my opinion. Anyone holding from $15-25 has little to no chance of recovery. Those from $10-15 are on shaky ground and odds of recovery very small. $6-10, maybe if a deal is commensurate with true value. (1 issue is what market share can be expected in what time frame) Under $6 is anyones guess. A lot depends on # of offers and whether a bidding back and forth with/between suitors occurs. Fire sale is$2.50 or less and pretty much robbery. Not even $1 or less in practice/theory with these situations can be ruled out.
Are the shorters done? Is a suitor figuring out how long the company can last and contributing to it's demise behind the scenes? What about stalking horse attempts? Many unanswered questions.
This is why trading around a core in emerging bio's and working to make the core free (and continuing to book trading profits) is the safest method IMO. Previous gains too often get wiped out holding through thick and thin just prior to and during growth, not to mention trials.
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