I think the main reason is the limited cash runway. The science is great, the promise is great, the people involved with the company are great ... but a dilution is coming. On top of that, most people were hoping the dilution would come at higher share prices. That was a miscalculation and it frustrates most people. Based on one of Phantom Lord's older posts, the CEO himself speculated about a higher share price by this time:
But the current scenario is not necessarily all doom and gloom, especially if your time horizon is longer. This may be an excellent time to scrape up cheap shares. There are near and mid-term catalysts: PII interim results of TPIV 200 in ovarian cancer and the start of the PII trial in AML. With milestones reached on time (i.e. no delays) and good financial maneuvering, the impact of dilution on share price can be minimal.
Getting financing is where a lot of microcap and smallcap biotechs make fatal mistakes. Hopefully the Marker CEO will make savvy moves. His deal-making and finance skills will be critical in the next 12 months.
If MRKR is truly on the right track ( and I am onboard big time ), then I'm curious why a biggie like Merch isn't taking a 9.9% interest in the stock in anticipation of a buy out ( maybe by them! ). It would only represent an investment of less than $18 million...chump change to a company like Merck, a 231 billion dollar company. Has anyone in Houston thought to give Merch a call yet? Just thinking out loud.
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