I got rid of all my shares around $5 yesterday. There're 2 issues with SNTA:
- They need to raise $ soon
- Below $5, the stock falls in the hands of penny stock traders. Expect wild swings out of no reason. It's so easy to manipulate a stock like this, but it's hard to predict where's the bottom.
Not to mention the whole market is down at this point. SNTA will eventually go up, but that'd be months or years later.
They do need $ soon. According to 1st quarter data, their cash burn rate WAS about $90M/year, which was exactly what they had, so that should last until 03/2014. But now they've started phase 3, cash burn will only go up, not down, so we should think about 12/2013.
And you don't wait until the last penny to raise $ do you? Generally biotech do it 3-6 months before they're out of gas - that translates to NOW.