gdollasign,
The "fair price" is the highest one you can get in sufficient quantity to meet your immediate financing goals-
as great as Ariad is primed to be, they still need to give the institutions a bargain to get a large deal(and I'm thinking along with 2da about 15%, which, at 25 mil shares, should yield about $450mil)done, and done smoothly and quickly...
I believe what we've been witnessing over the last month or so are the market reflections of that process,
the specifics of which should be revealed shortly as a fait accompli that we'll all ultimately be happy with.