The stock is about people trading the tape (like yourself) or people betting on FDA approval.
The PIPE might signal to those waiting on FDA approval that it isn't as proximal as some may have hoped (and/or 118 partnering is further away). People feel like they can wait to get in and not risk missing the FDA decision and in the meantime be in something else that is moving with the market.
The DB upgrade was probably a smokescreen to people wanting to exit on the PIPE news.
The fundamental types ruined the upswing for the technical trader types, who are also bailing.
Once those short term guys are out or it gets cheap enough to ignore the trend vs. market it will reverse with renewed anticipation of news events.
I guess I wasn't clear. Momenta's short term value is in the hands of the FDA. We all believe Momenta has fulfilled all its work so now it is up to the Government. Will the government wait and approve all 3 drugs at once, will it approve each one when that drug has met its obligations? No one knows so Momenta's value is in the hands of the FDA.
It's gone from $12 --> $9.40 in the time where the market is up nearly 10%.
Just over a year ago it went from $12 ---> $20 when the market was stagnant. What was the reason? I have no idea just like i don't have now. This stock is news driven and unless we hear some news it's all meaningless as the poster just said. The story doesn't change cause it went up 70% or down 35% in a given period. Also we have already determined it wasn't a PIPE so please at least so some courtesy to the poster who went out of his way to let us know about this follow-on offering. Thank you.
Why do i get the feeling you just merely wanted to point out the fact that MNTA was underperforming when EVERYTHING (as you so boldly put it) is going up substantially?
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