I am long on MNTA and believe in their technology, I listen to all their conf calls and read all of their SEC filings.
What I am asking myself today is what am I missing because I feel seriously misled.
If Craig really believed in MNTA's story their is no reason he would ever do a transaction to raise money that he currently does not need at 14+ knowing the damage it would do to the perception of MNTA's prospects. Craig's wall street presentation would indicate a stock price of at least 25+. If Craig really believed what he was presenting he should be fired for selling at these levels.
I do not know what it is but their is something really bad they are afraid of and what scares me if it happens Craig and the company will be sued and the stock will be killed.
It's tough to know the exact reason for a secondary, but biotechs are a special breed - their window for reasonable cost for funding isn't always open.
For now, MNTA has solid revenues coming in from M-enox. And although they believe TEVA's Enox won't get approved, they can't be 100% sure. Since they don't want a potential emergency funding issue in the future, they do a small secondary which will keep them liquid until generic Copaxone is approved and marketed (I think worst case is 2014 when TEVA's patents expire). IMHO, that's the reason for their secondary.
Given the stock price reaction, I don't think the mkt sees the placement as a loss of confidence or a change in outlook by mgmt.