Thinking a bit more about the offering, CYTK seem to have a good feel to stay in very comfortable financial standings. They keep raising money when the PPS has moved up substantially and they took advantage of the PPS to fill the coffers. A good move actually even if the PPS took a momentary plunge.
One of the many problems pre-commercial biotech firms face is a weak balance sheet which in turns leaves them open to short attacks and it becomes a vicious circle. NWBO is a good example of this formula. They could have raised moneys at $8, at $10, even at $12 to keep a healthy or even unassailable balance sheet. Instead, they took a hit, did not raise, and with the dropping of the PPS, still did not; With a PPS at $0.17!!! now, two years after a PPS in the high single digits, they have become prey to manipulations.
So I take the CYTK as a very prudent step and a positive one even if today is not that great for the PPS. I'm still 82% up on this one :) And I believe there is still a significant upside.
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