I agree with you on this only if ARIAD is really hard pressed for cash. I don't see them needing cash in the next 12 months though. But your argument is right that it can blend in with the retracement. If they knew it would retrace 4 bucks, they would have done it(offering)at the same time and perhaps the sum total of the retracement would only be a buck more than 4 dollars...jmo.