Anavex Life Sciences Corp (AVXL)

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If biotech institutional investors actually had an appetite for AVXL, Missling could do a private placement to a select group of them without disturbing the market too much.

Why should Missling do unnecessary dilution at the current low stock price? Bad idea unless Missling believes he needs a safety valve facing a huge binary event. We'll know about that shortly. The fact is that institutional ownership in AVXL has been slowly but steadily increasing for quite some time and is now up to 43%. TD Cowen is a global investment banker and, as managing underwriter of the shelf registration, obviously has a different view from yours and believes that there is plenty of institutional appetite (to the tune of 12 additional shares at the current stock price) of AVXL stock. Premier level investment bankers don't sign up for stock offerings that will fail due to lack of institutional interest. Hopefully, that will come at a higher stock price than $13.