No thats not the case in THLD - their deal was dont at a premium to the current market (significant premioum about 20% above where it had been trading)
And I cant speak for OGXI - but I beleive a lot of the price action has to do with the same reason that IDIX went from $2 to $8 early last year, everyone had written it off and when it looked like they actually had something you had a number of funds wanting in. So it was under owned/followed and that event at JP Morgan conf opened up eyeballs towards it. Similarly no one believe OGXI drug was as good as their data showed, and similarly you get a stampede to own a piece of a promising drug that was under owned. We are seeing the same thing in THLD - the drug has a lot of potential which will become more obvious every qtr as they go through the development cycle, and when you have a situation with low expectations you see more and more people jump from nonbeliever to believer camp.
My "thesis" is that MNTA is slowly goign through the reverse of this where everyone last year was a beleiver - and due to the lack of any forward progress people are beconing disenchanted and funds less willign to let their $$$ sit and stagnate while everything else is moving. So you are gettign the backside of the move. At some point everyone will have forgotten about it, and once they give up it will be a good investment. The difference is that names like OCGX and THLD are on the upward slope of hope - and that should continue until they become overbought and over liked, then comes the next phase of doubt which is what we are seeing in some names like MNTA AMAG IDIX etc etc.
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