I am typically positive on ANX but I have to disagree. After the rejection a high volume day was due to ppl closing their positions and day traders and short sellers playing. Volume will dry up and the price will slowly fall like it has on every other negative event. Yes, as of right now their market cap is less than their cash on hand. But they have a new unexpected problem-they have no revenue stream and no hopes for one in the next 12+ months. (Even that is optimistic for 514. 530 and 188 are now much further off). They do not have 12 months of cash. I am sure they were counting on 530 keeping the lights on. I see two things happening:
1) They must raise capital and soon. Can't wait until the last minute. This means new shares-it's the only thing they have unless they sell 188 or other intellectual property-which would really hurt share prices. Either way, dilution or a negative hit.
2) Once below a $1 they will get a delisting warning. They cannot risk delisting and be taken seriously. A second reverse split is likely if they cannot sustain over $1.
Just my opinion but I personally am looking for an entry around $.50-.60. I won't touch it above that. Even then I feel a RS announcement will drop is to .30 in one session.
Unless the acquire something there is now no revenue potential (aka no reason the stock would go up) for at least a year. Sure an FDA acceptance for filing of 514 NDA would be a short lived pop.
The one wildcard that actually is more likely now is to try to find a buyer for ANX that it better funded. So anything is possible, but this went from an investment in a biopharm with a bright outlook to a pure high risk spec play.
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