Biotech Values

[zipjet]

It priced quickly because millions of shares were shorted from 26 --> 15 on anticipation of a raise. The shorts cashed out a huge chunk of their position, and made a nice killing on the backs of the plebeians.

It priced quickly and will likely close well. Offerings with that characteristic usually put in a bottom.

Shorting from 26---> 15 was not about the offering. Perhaps the last two weeks was pushing the stock down in anticipation of the offering.

This afternoon we will see the SI figures. My bet is they will be up again. The next report will cover the offering period and come out late this month. My guess is we see some covering in that report, say 1-1.5M shares covered. And most of that covering will go not to the tL thesis shorts but to those front running the offering.

JLHO

ij