I disagree -- I think the timing was fine. Shelves allow a company to quickly sell shares and ATM which is better than LPC or worse vulture capital. With due respect to technical information posters, the future value of AVXL over the next year is not primarily driven by price history/indicators but tied to the success/failure of 371 in schizo and whether 273 is ultimately approved or the application withdrawn or, as was seem with Prilenia, the application should have been withdrawn but they let the process go on while raising money only to be denied.. Technicals may help investors on entry points but will not sway the EMA
Price often goes down a bit when a shelf is announced and when it gets used - this so often breaks a momentum move after an announcement or in anticipation of a binary event. This can be annoying. For traders, take advantage of this common pattern. However, if someone is an investor the shelf announcement is just a bump along the path to the binary events that brought you to Biotech in the first place.
I think now is a great time to have a shelf ready to go. If based on LOQ, Missling thinks that the application will be withdrawn (but they still plan to send the responses in anyhow) he should raise some money before the ultimate decision. Bios without cash cushions quickly turn into zombie companies. If he thinks chances are 90%, he should wait. If success at the EMA he should sell many shares to raise money for expected increased expenses (more trials, sales, etc) - get the whole 150 million. SRPT shareholders probably wished they sold more shares - dilution is not evil as long as value is being created and or to raise the cushion of cash needed to get through a possible dry spell.
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