Yes, it will definitely trade lower. Somewhat of a bad call by the underwriters, but their hefty fees will offset any loss.
This one is being re-rated in the $4 to $5 range. Other drugs are crowding this space, and the prospects look a bit grim, really. I see this as trading around $4 until the drug is approved (then maybe $6 - $7) or delayed ($1.50 - $2.50) or lacks efficacy ($0.50 - $1).
entitlement offer closed today, page-2
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